#MarketUpdate - Confirmed... L T L B

Hi All,

As the Bearish Island on top suggested the advantage Bears, Nifty is not able to sustain the higher levels for a while now, and it has confirmed a Lower Top Lower Bottom on daily charts, which suggests Nifty is controlled by bears and can fall at least till 8900-8800...  The bearish view would be in tact till such time Nifty doesnt cross 9450-9550 0n the higher side.

Basis the retracement, 8980-8700-8400 would be support areas. The bias remains negative till the resistance near 9440-9550 is not surpassed by the bulls.

On the lower side though 8900-8800 are support zones, they are weak supports and not likely to hold the downfall, however, basis the law of demand and supply they should be respected to an extent. 9000 remains a crucial psychological support

The plan of action would be sell on rise with stops above the resistances mentioned.

Cheers

Hrishi