If Nifty trades below 8300 level then it can test 8250 – 8200 level. Broadly, 8300 level on closing basis is make or break level going forward, says a report by Arihant Capital.
The current price action suggests that 8300 remains crucial level. In coming trading session if Nifty holds the above mentioned level then a bounce up to 8400 – 8440 cannot be ruled out. However, if Nifty trades below 8300 level then it can test 8250 – 8200 level. Broadly, 8300 level on closing basis is make or break level going forward.
On the daily chart, we are observing a bear candle near the upward gap area of 8236 to 8380 formed on January 15, 2015.
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