Updated every Monday, on weekly basis.
10th Oct 2016 (Monday)
Market Short-term trend : For Short-term positions
Market in short-term correction
Market has to sustain above 8700
Market in last week, it has closed wea below 8700.
Nifty expected to witness a minor recovery.
Nifty incase of a possible recovery, it has to sustain above 8700.
Nifty has to close strong above 8700, for at-least two days, for a short-term uptrend
Then the next major resistance above is at 8800.
Incase of any further weakness and if closes below 8700, then it indicates a further caution.
Then the next support below is at 8650.
Incase of a further close below 8650, then it indicates a further correction.
Then the next major short-term support below is at 8600.
But the major support below is at 8500.
Only below 8500, it indicates a stronger correction and a fresh short-term downtrend.
But however this 8500 level, is little far away and may not be broken, under normal market situation
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