According to a report by R K Global, expect a sharp downmove from here, at least 150-200 points. But immediate target seems to be around 6500.
Nifty closed with a loss of 62 points just at its make or break zone, at its neck line support (of that Head & Shoulder pattern) around 6650 levels. We see it ended with a big bearish marubozu candle with a closing of 6652.55. Selling pressure gets intensified on every bit of rise towards 6750. Last day also it got sold off from 6720 levels and kept on moving lower.
Index Breadth turned absolutely negative which ensures further down move from these levels. We expect a sharp down move from here, at least 150-200 points. But immediate target seems to be around 6500, thus cautious trading is advised, and strictly avoid any kind of adventurous buying.
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