Possible Nifty scenario based on support and resistance trend lines. Assuming current bear phase is continuing and the current upswing is just a short covering. Resistance for current up move @ 8170 (+/- 10 points) and target is 61.8% retracement @ 7650. This will also complete the last wave of down move and then possibly pre-budget rally starts by mid January.
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Nifty has touched 8210 the resistance at red line and fallen. The possible scenario still holds. If it falls below 8122. The current rally would be over.