Nifty Bulls are losing control; watch out for resistance zone @ 8710 - 8740
Nifty Daily
If you were to observe closely (of late) the Nifty chart; one thing is evident, that the rallies are getting smaller and corrections are getting larger. This is the first indication showing that Bulls are losing control on the upward momentum, though they try to protect the lows. By protecting the lows they manage to hold on higher high - low pattern till date. If that too falls apart; Bears will start over powering. Watch out for 8710 - 8740 where there is strong resistance and any close above it would give Bulls the power to ride the markets further upside. A close below the crucial support zone 8630 - 8600 would add power to Bears and would take Nifty towards 8380 - 8350 levels.
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