NIFTY has given a close at 8809.90. Two alternate down
bars from the top shows the weakness in the trend in NIFTY. As we have
mentioned in our previous post, a close below 8820 will drag the NIFTY further
down to
8720. Now since it has closed below the level of 8820, unless it
sustains the trade above 8820 in tomorrow’s working then the down trend will
continue for the targets of 8720 & further. In case of sustained trade
above 8820, we can safely assume that the downward movement has taken a rest at
today’s low of 8780 and might move upward again. A close above 8920 will
confirm it. So trade with eyes open and with the levels given. Trade safe.
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