Nifty may form a triangle on 120 mins chart. RSI as well as price are near supports suggesting a bounce. If it forms a triangle, risk-reward is very attractive here! As long as above 8050, view remains bullish targeting 8200+
Comment:
Index closed near 8055, just above mentioned SL level. Looking at very short-term trend, move till 8020 can not be ruled out. Index is not looking all out bearish yet. Long view remains valid as long as 8020 is held (120 mins closing basis)
SL remains below 8050!