Nifty fails to close above 8666.
Wild
swings, Nifty failed to close above 8666, indicating the tug of war between
Bulls and Bears continues. While Nifty Bulls and Bears continues to fight for
next price action; stocks resumed its underlying trend. Thus we witnessed huge
buying pressure in quality and fundamentally strong stocks. IT was a surprise
pack though! We have identified that IT sector has turned down since the month
of July; however we witnessed resumed buying interest in IT stocks. We still
believe IT stocks could move lower and the bounce back that we are witnessing
is merely a dead cat bounce. While the short term trend in Nifty still remains
intact Bullish, we expect the Bears putting pressure as long as Nifty fails to
close above 8666 – 8680 levels. Once crossed we could test 8878; on the other
hand continuous failure to close above this resistance zone could trigger
correction in Nifty by end of this week.
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