Hi all,
Nifty did not cross the 7355-60 mark in the
morning and fell sharply to re test the yesterday’s low near 7240.
However it
saw a solid bounce from that area and rallied almost by 80 points (>1%)
After the
further developments on the hourly charts A morning Star Pattern, though not exactly as books) Nifty should cross 7330-7360 levels
to continue their pull back on the up, on lower side; 7230-7200 will act as
good psychological supports, below which the 7100-7120 levels looks almost
inevitable....
In a nut
shell, though there are small intraday bounces in Nifty from supports are
visible, a concrete conformation is not yet there on any charts for bulls to
call it as a short term trend reversal.
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