Nifty – Heading Southwards ?

NSE:NIFTY   Nifty 50 Index

Today Nifty NSE:NIFTY broke the crucial support at 10488 levels with a large Bearish candle.

It is possible that new shorts may have been initiated by big players on the break of this support (As the stop loss is very small giving a good Risk Reward ratio).

This level can now act as a potential resistance if any short covering rally occurs.

Staying below 10488 can take Nifty back to 10120-10140 levels.

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