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Daily Technical View on Nifty

Down, But Not Out

* Nifty broke the 5 sessions’ winning streak by falling more than 1.3%, to close at 16646

* Nifty has formed bearish “Dark Cloud Cover” pattern on the daily charts.

* On hourly charts, Indicators and oscillators have turned bearish

* Bearish trend reversal for short term would be confirmed once Nifty breaches yesterday’s low of 16555.

* Below 16555, Nifty has got supports at 16447 and 16300, which happens to be 38.2% and 50% Fibonacci retracement of the entire upswing seen from 15671 to 16927.

* Resistances for the Nifty are seen at 16927 and 17040.

* Nifty fell in yesterday’s sessions, but still it does not seems to be out of the bullish trend.

* Yesterday’s fall should be seen as running correction after steep upswing and Nifty could end up forming higher bottom on the daily charts.

* Positional traders are advised to hold longs with 16500 stoploss

Nifty – 60 min Timeframe chart

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