Interim Update
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
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