Nifty Outlook for 17th August, 2016
Nifty Daily:
Nifty has been consolidating with negative bias at the higher levels. It is now fast approaching the support of the raising trend channel. Last week we noted, it's not going to be easy for Nifty to go down that smooth as it has created too many support and each support needs to be broken first for a smooth ride downside. Now Nifty could face three support inter-aligned in between 8540 - 8520. If this support is held for this week, we could see a rebound in nifty. Technically, the over heatedness is cooled off and now there is room for smart bounce as soon as some major support (like 8540) is tested.
Stay tuned as I update the status of all stocks that we are holding and it's status. We shall resume short term momentum calls from tomorrow.
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