Nifty View: Benchmark Nifty fails to hold onto early gains with which it opened today’s trade. A classic “Exhaustion Gap” on the 75min chart lead to follow-through selling for the rest of the session. At a close of 16,572 there is not much damage on a close-to-close basis, but yes some sign of slowdown which will appeal to the Bears. The underlying trend is still very much UP and one should not conclude a reversal of trend based on today’s move. 16,500 is of course the obvious level that the market will look for as short term support. Maintain the bullish bias and wait for buying opportunities at supports.
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