In my last post I mentioned that break of 8045 should take nifty to 8150. Nifty not only reached 8150 but broke it & almost reached 8300.
Although the index reached almost 8300, it was not able to break 8300. in fact nifty gave consecutive 3 negative close from high of 8289.
Currently nifty looks to be in short term correction. This correction likely to take nifty to 8040. 7990-8040 is a strong support zone for the index. Nifty had moved above this zone after 4 attempts. If nifty sustains above this zone it should move higher towards 8380-8420. Break below 7980 can take nifty to 7800. So bulls should keep 7980 a stop for their long positions & bears should keep 8040 as a target for their short positions.
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