Downward support: 7900, 7720, 7650, 7500, 7371, 6833
Given the recent disruption in the money supply which will contract the economy in Dec at least and 1-2% GDP contraction the Nifty is in a week fundamental zone.
Technically also we have seen a weakness following the uncertainty over US elections and the knee jerk market reaction on result day. Though it recovered but subsequent weakness and more so confirmed the trend.
Nifty has been rallying since 6833 and saw acceleration from 7730. Depending on the timeline of trade following are the reccomendations-
Monday: Likely to open a bit higher giving us shorting opportunity around 8175 stoploss 8275 Target 7900
Next week: Short with Closing stoploss of 8400 with a target of 7730
December: Target 7500- 7375 Around which one must start accumulating. Unlikely to breach 6830.