Nifty under 200 DMA will fall back in to the channel and start the Lower Low Lower High pattern for downtrend.
First Target : 7560
Second Target : 7260
Third Target : 6960
Above targets can be achieved by Middle of July 2016. Place your stop loss orders between 8025 to 8050.
This projection is invalid if market closes above the 8050 on daily chart .
Trade closed: stop reached:
sadly market decided to go up and test the 8300 resistance in short period of time. at this point market will come back and test the 8000 level. lets wait and see how it plays out next.