Last week on Friday I had published my idea about going short since there was breakout below the short term support trendline. My first support target was 8161. Which is the 78.6% retracement level. This idea has worked out. Today, nifty made a low at 8062.75. The moment 8062.75 level was reached, there was a sudden bounce back. Although this bounce was short...
Today nifty broke the short term support trendline and closed below that. During the intraday there was a recovery but it retraced from the same trendline which was previously acting as a support. Now, it will act as a resistance. 8061 should act as a support. If it breaks then T2 will act as a support. On the upside 8176 and T4 will act as a minor resistance.
