Yesterday again 7980 acted as resistance & any move below 7875 - Intraday bears can take short position with day's high as stop.
Bulls should be extremely careful as Nifty slipping below 7840 on daily basis can be trigger for market.
As if now there is no sign yet that we have started downtrend but looking at gap up openings for last 3 days which are getting filled is bad sign for bulls.
Currently some kind of expanding pattern is happening -keeping my counts open on both fronts like I have taken 1-2-3-4-5 as expanding but yet not confirmed -alternatively I can also take a(1)-b(2)-c(3)--X(7517)--a(current top@7980)--b?(could confirm if we move below 7840 swing low).
In all, bulls should be cautious as yesterday's update that bulls should not take any position unless we get close above 7980 & 8000 mark.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ