Nifty 50 Update

Sellers are driving prices lower with conviction. Various support levels have given way leaving no significant level until roughly 9522 and 9274. These levels are formed by major upward retracements and down side projections. We suggest keeping focus on those to unload some shorts at these levels. Use trailing stops at 10525 and see how price action develops over the next few days.

Primary trend: negative
Outlook: correction/bearish phase, negative
Strategy: hold-short and/or entry-short
Support: 9895 / 9522 / 9274 / 8448
Resistance: 10480 / 10525 / 10630
Outlook cancelled/neutralized above 10525

NIFTY