Following the global cues, Nifty opened with a downside gap and fell below 7250 mark in early trade. In the afternoon session, it broke 7200 mark also and made a low of 7177, thereafter it witnessed some recovery and finally it ended at 7215 with a loss of 1.13%. The Advance Decline ratio was 1:4.
Yesterday, Nifty tested our short term target of 7240 and closed below 7240. It is making lower tops and lower bottoms on the charts. We may see further weakness in Nifty thus we maintain bearish view, now it can test 7062 in the coming days and any bounce back would be a good exit opportunity from the long positions. On the upside, now the range of 7250 to 7300 will play an important resistance for immediate term, however the short term resistance remains at 7600.