Hi All,
As expected in the last update, Nifty, after breaking the crucial zone
of 8670-80, Nifty fell sharply by more than 200 points and took support near
the important levels of 8550....
After a strong pullback on partially on Friday and today, the short term
bias looks positive with supports below 8540-50....
The midterm outlook will still remain bearish due to a shooting star
pattern on weekly charts, however, any damageable downfall can only be expected
below 8400-8470 levels.
On the higher side now, 8730-8750 will act as crucial resistances for
further up move and hence a Buy on decline strategy with stop loss below
8540-50 will be beneficial.
Cheers
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