The down move I was indicating since last 2-3 weeks is evident on Nifty chart. Last week most world markets, in last couple of trading sessions, took a pause in ongoing upward momentum. Some have started moving down. Indian markets, too, reacted downwards. The movement of last 2-3 days have changed sentiments from bullish to not so bullish
Is upside to Nifty capped near 8300?
Technical Overview: Last week Nifty made high of 8336 and low of 8044. A range of 292 points. This is a pretty big range forming big red candle. This big red candle has also engulfed earlier green candle on weekly chart. This is a bearish pattern suggesting further downward momentum on Nifty chart.
I have been writing in this newsletter since last 2 weeks that Nifty has stiff resistance near 8300-8400 level and may move down from that level. That move is now evident.
Nifty has next support near 8000 level. Resistance is formed near 8300 level. Let's expect Nifty to move down to 8000 level. We can seem some pull-back towards 8200 from this level. However current bias remains bearish. For me this is sell on rise market.
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Nifty Daily Chart
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