1:30 pm, Nifty 8650
Bottom Line: Nifty showed sharp move on downside on back of an event. Such declines on event or news create important levels. It is interesting to see Nifty has bounced back exactly from the important channel support near 8560 and so does many of the stocks. I do not think it is panic scenario and we cannot rule out upside pullback. One should keep an eye on 8540 as very important support and 8710 as short term resistance. Decisive break above 8710 will indicate positivity. I would take a contrary stand against majority who are extremely bearish now given that the fall is on back of event and one leg on upside looks pending as per Elliott wave.
Detailed analysis along with charts will be published in tomorrow's morning Equity research report - The Financial Waves short term update. Stay tuned! For more information visit wwww.wavesstrategy.com or Contact US