Nifty bounced from the key 8478 levels mentioned in our last post. The bounce should not be taken seriously unless it crosses 8587 level. If we are in a correction of a continuing up trend we should ideally stay above the 8478 level, and head higher by ultimately breaking the 8587 level.
However if a new trend may be emerging then the level of 8587 would hold and we would see a sharp break of 8514 followed by a break of 8478. However till the key 8478 level holds price moves should be seen as part of correction in an uptrend. We will try to provide a prompt update if we see a price structure development that may give us a more decisive indication of upcoming move. Chart Below:
