After the substantial rise in indices it seems that the markets are likely to lose their upward momentum, especially since the Relative Strength Index (RSI) indicates the overbought situation of the market. The 14 day RSI of the Nifty stood at 66.4 and the daily RSI at 69 levels. Once RSI reaches at around 70 level, one can expect profit booking. Nifty has limited upside as of now, its immediate resistances are at 8578 and 8611.

Britain’s new Prime Minister Theresa May has become the country’s second female PM after Margaret Thatcher. Pic/AFP