Hi All,
After breaking the supports near 7760-50,
Nifty dipped till almost 7500 levels and saw a real good bounce yesterday and
today.
Now its trading near a key resistance of
7840-7880, this bounce can be termed as a reversal only if Nifty sustains above
the mentioned levels, and can then travel till 8100 mark.
However, till the time 8200-8300 levels are
not convincingly surpassed a major trend is likely to be negative and further
lows are possible.
On a safer side traders can watch 7840-7880
levels for short term and 8200-8360 levels for midterm bullishness.
Recent low of 7540 will act as a crucial
zone going forward and breaking the same might take Nifty till 7300-7200.
Cheers
Hrishi
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