Nifty @ an interesting spot...Held 8580
Nifty Daily
Last week I had mentioned two things: One: the downside move in Nifty would not be so smooth because of too many support holding up Nifty Bulls, Two: The importance of the raising upward channel would act as a key trigger for next move. Both we witnessed today. Nifty Bulls held the levels exactly at the lower part of the channel @ 8580. Now 8580 becomes the key level to watch out for. Once we get a close below 8580 then the downside move would be fast and Bears would be happy. However, I anticipate a dead cat bounce before this happens; and I am eager to see whether the bounce leg would actually take Nifty towards 8878. It would be interesting to watch what Smart Money do here; is it unwind Longs and go short or build up more longs. We will get an answer in 2 trading days; because we are also round the corner of an expiry.
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