- Nifty stood above 7961 which was the earlier support level. Long shadow of the weekly candle suggests support near this level.
- 8355 level is crucial for bulls to cross. Sustaining above this zone will add strength for this bounce.
- Price continues to stay below 200 SMA which is a problem for bulls.
- Recent RSI signals have done well. Current signal will work well only if price can stay above 8355 levels.
May 9, 2015
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