India Nifty@22nd April 2016-- 7980 A Crucial Resistance

Nifty turned around from same resistance of 7980 which it did last time as well & slipped 1000 points to give us a low@6825.

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 leading diagonal 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.

Trade active:

Intraday Target of 7840 has been almost kissed...It made a low@7842....Daily Close below 7840 can be trigger for medium term shorts...Regards

Trade closed manually:

Intraday Traders should exit and Medium Term Traders can become bearish once 7840 is taken out on daily closing basis. Regards,Abhishek