Likely we should not take any long positions unless 8055-8065 zone is taken out convincingly as updated last because zone 8050-8060 was intact for several bounces & now same zone shall be acting as .
Next support should be close to 7900-7920 in the zone of previous low@7915. If that zone holds, then look for a bounce again to 8000-8025 & Sell again if falls below 8000 with the recent swing high as stops in coming session, keeping in mind-it should not take out 8065 above our head which is critical level now.
Use the Bounce 8000-8025 to sell-Buy only above 8060- Click the chart & use load bar feature
Likely we will avoid long positions as 7900 was broken down so let us wait for a new low in the zone 7860-7870's. Any sustained move above 7925 or dipping down in the zone 7850-7870 we shall come back to see for a possible bounce.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ