Last hour trade index erases all its morning gain, ended
lower down by 21 points closed at 8061.30 level, also index is trading below 20
DMA and 50 DMA, indicate index has lost the support level. Technically on daily
chart index is making lower low and lower high pattern, which further add
bearishness into the market. Likewise, we witnessed Nifty is forming a long
head and shoulder pattern any breakdown of neckline at 7920, we can see another
700 points fall which look most likely. Nifty is having a strong support of
June month low and trading above the same, airs relief session for the
investor. For bulls to resume Nifty must closed above 8380 level, on the flip
side 7920 will act as a strong support level.
For today, any
trade below 8054 level, index can fall towards 8000 level, where one can used
as an opportunity to buy Nifty with 7920 SL on closing basis.
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