After trading strong through he day yesterday, Nifty
witnessed selling towards close and ended the day in the red, which is negative.The bears were able to get the better of the bulls. Nifty
has now closed below a PENANT formation on intraday charts and according to this, Nifty
could head towards the 7800 levels. However the Nifty
remains over sold and any bounce could be sold into, until 8390 is taken out on the upside.