NIFTY AT A CRUCIAL STAGE: CRUCIAL LEVEL :7539-8038 SPOT.
We witnessed a smart rally and panic to 7678 from 7940 levels. After that it is clearly struggling to past this level. Several futile attempts were made to surpass this level but ended in failure.
Buy only if closes above 8038 spot or buy if it manages to sustain above 7867 spot. Until then do not think of buying for intraday also. If crosses 7867-7996-8038 spot Nifty will fly to 8182-8308 spot levels. If this happens, the downside risk has been reduced considerably. If fails to cross this level, then, expect a slide once again to 7539-7516 spot. If closes below 7516 spot occurs, then, the floodgates will open for severe downfall. Without breaking 7996 spot and at the same time if takes support at 7516-7511 levels, then, Nifty will trade between 7867 to 7516 spot levels for a few more weeks. Hence trade lightly in this week.
The downmove started from 7516 spot. I already told that the first leg of the correction finished at 7996 levels.(A wave). Now I strongly feel that Nifty is moving in a Expanding Triangle pattern and not in ABC type of correction. First draw a line connecting 7539 and 7996levels. Then draw a line connecting 7516 and 6825 levels. You will get an idea.
My bearish view will change only if manages to cross 8038 spot levels.
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