21st May, 2015 - Nifty View

Nifty Spot - Daily Chart
Nifty is in a medium term downtrend and we cannot rule out the current upmove from 8000 to 8432 levels as a pull back. Resistance is at 8520 and above that at 8680 levels. Support is at 8340 levels. On a break above 8520, we could see a 150 point upmove. On declines, the index could find support at 8350 levels. Today's closing should be above 8427 levels to indicate further bullishness. If the index closes below 8427 today then we could see downside start again.

Disclaimer - These views are meant for sharing with the general public at large. Please trade at your own discretion.
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