Trade Plan for 2nd Jan
Demark Trendlines:
Negative reversal in RSI which happened on 1st Dec has target of 7629.
Supply line breakout is invalid.
As it is an Up Close today breakout above Supply line will fail.
If Spot nifty opens above 8214 then it will be valid breakout with target of 8593.
ADX has started sloping down which indicates retracement in Downtrend is in progress.
Dec 12-15 8230 was a stiff resistance and there was a gap between 8230-8242 which can be filled and will act as resistance.
SUPPORT: 8176, 8047, 7944
RESISTANCE: 8280, 8291, 8414