Nifty for 27-12-2016. Closed below the Neck Line.

Nifty started the week on a weaker note ended lower down by 77 points closed at 7908 level, also it has break down the June month low, indicate index has lost the support level. Technically on daily chart index is making lower low pattern, which further add bearishness into the market. Likewise, we witnessed Nifty has closed below the neck line of a long head and shoulder pattern, if today once again Nifty closed below the same then most likely we can see another 700 points falls. For bulls to resume Nifty must closed above 8220 level, on the flip side 7673 will act as new support level.

For today, any trade below 7893 level Nifty can fall towards 7722. If Nifty closed below 7900, the one can sell for the target of 7600.