Nifty Update

Since our last update Nifty has bounced from just above the 10400 level and has spent the last few days in a range.

I’m still seeing this price action as part of E-leg of the triangle. I still expect the prices to at least dip below the recent lows around 10418 before we can look for a medium term bottom. Chart Below:

Ideally Nifty should extend this fall to 10160-10324 zone. However we would look at the price substructure to call the bottom if & when the time comes.

Important Support Levels for Nifty is around 10710/10550 and important resistance level is 10835/10928.