Today Nifty opened gap down by 40pts to 7205 level, extends
looses due to global selloff across the market, finally closed at 6980 down by
3.65%, Nifty closed below 7000 first
time since May-2014.
On monthly chart Nifty breached important support level of
7119 that was 50% Fibonacci retracement level from low of 5118(August 2013) to 9119(March,
2015). Below 7119 nifty may fall to 6646 level in medium term view. Strategy should
be Sell on every rise with stop loss of 7125 on closing basis. For target 6650
level. Nifty has corrected more than 7% in last 4 sessions, so we should wait
to market get settle down before create fresh short position.
Support – 6900, 6845 Resistance – 7080, 7120
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