Hello Everyone,
As expected, after breaking 7240 mark,
Nifty tumbled sharply yesterday and created a low of 7177 odd levels. Though
there was a small bounce of around a percentage point, Nifty could not sustain
the same and finally sold off during the closing hours.
Since there is no sign of relief for the
bulls as of now, either on hourly or daily charts, the bias for Nifty in for
intraday and short term continues to be bearish.
7120-7100 is the ray of hope for bulls now.
Even 7100 PE saw a huge built up on the OI
front (Derivatives Data), so one can expect a close above 7100 for this month
expiry, however, in case of a convincing breach of 7100 levels, Nifty can slide
further to 7000-6900 levels.
I personally feel Nifty should ideally hold
on to 7100 levels and there can be a smart bounce at least once before breaking
the level finally.
I will stick to my view that a weekly close (close of tomorrow i.e. 12th Feb 2016) below 7240 could mean further downside for Nifty till 7000-6800-6500..... Hence today and tomorrow are going to be very crucial for markets
Cheers
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