Nifty now needs to reclaim 8150-8170 range to show bullishness. After Demonetisation Nifty is making lower top and lower bottom and after going above 200 daily SMA for 2 days it is now again below that. Currently 200 daily SMA IS 8169 and 5 daily SMA is 8154. 8164 is also the 23.6 % retracment of the total fall from 8968 to 7916. Now for me support for Nifty is around 8086 and final support is 8030, below that we can expect a new low below 7916 the recent low.
Disclosure: I am not a SEBI certified analyst so please consult your financial adviser before acting on this call. Further i do not trade in Nifty Futures neither advised to do so.
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