Nifty retrace to trap buyers - level to be watch out is 8600

Nifty could retrace up to 8500 - 8550 after touching the
lower trendline before resuming the downward trend again since all indicators are oversold at the moment.


SL of 8600 on closing basis is now being trailed.

Sell on rise near 8550 with SL of 8600 on closing basis.

Close above 8600 can lead market to sideways for a time being.

Comment:

Apologies for giving incorrect buy signal, however mentioned in details to sell nifty near 8550 with SL of 8600.

Those who sold please book partial profit. Now nifty trading at days lower level.