Nifty in a downward slopping channel Current bounce can be expected to reach 16500-16600 levels And selling to commence after that taking market to at least 15500 level although further downside is expected. Current market is positive as the oscillators are showing positive momentum and the daily candle is a bullish harami/hammer. Market will rally to fill up the gap and then retreat from there.
Trade closed: target reached
Book profits on shorts Markets to be range bound between 15500 to 16000 Wait for breakdown at 15500
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