Nifty opened gap down yesterday in the channel which it is making since the start of this down trend (please refer to previous posts). Nifty broke the channel after trading in it for some time in the second half of the yesterday's trading session. This break down form the channel is telling us that nifty may correct further (Weekly charts also point towards more bearishness) but nifty after correcting more than 500 points in last two weeks is looking oversold hence unexpected bounce back may surprise us anytime soon.
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