As expected Nifty did find turbulence in the zone of 8666 –
8680. Having failed to close above this resistance zone; Nifty has been under
pressure this morning. The zone of 8565 – 8555 gives us next cues as what would
unfold in the coming days. Any close below the said support zone (8565 – 8555)
confirms that Nifty is heading towards a correction. The correction could drag
Nifty towards 7850 mark; though the correction wouldn’t be smooth initially as
the upward trending channel would come into play. As of now let us concentrate
on the support zone. If there is any major change will keep you posted.
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