Summary
• Nifty was down by almost 4%, breaching the 16800 level which acted as support for a few weeks.
• On a daily chart, the Nifty is in a lower high and lower low sequence, and a breach of immediate support has strengthened the bears.
• Nifty will be under the bear’s grip as far as it sustains below the 16800 level. On the downside, the Nifty has immediate support in the range of 16000 – 15700 level.
The analysis is for educational purposes only, do your own due diligence before taking any stock call.
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