Nifty View: Yet another failure to hold onto a new life high as the benchmark Nifty
index slips over 170 points in today’s session to post a close at 15,761. The “Bulls” should worry a bit now as the breakout move which we noticed last Thursday has now turned into a failure. We were focusing on the importance of 15,777 and in today’s session, we have got a clear break of this level. The short term trend of the index has now turned down again and expect some more weakness if the index does not recover above 15,850 within this week’s trade. And if that plays out, then sadly the current supports of (15,650-15,700) will not hold.
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