rallied to 8,200 on the back of surprise repo rate cut of 50bps by RBI. The rise from ~7,700 ro ~8,200 in 5 trading days seems tiring around 200DEMA (Daily Exponential Moving Average
) which is at 8,184. Also the bearish AB=CD harmonic
reversal pattern is visible on charts at the upper line of Andrew's Pitchfork
tool. The failure to move above 8,270 can take index back to 7,900-7,800 levels.