NIFTY has cracked quite a bit from the trading levels we mentioned. My point of view is that the lows made today will be a critical thing to watch out. If NIFTY manages to scale above the high of today then there is a chance we can see a pull back to the range of 8150-8180 . How near we get that one or even if we manage to cross the highs of today will really speak about the strength of the downtrend
Comment:
Also to add on the levels of 8050-70 zones will be the kind of trend decider for the next trading session. This can be used for some low risk entries or trades on either side. 8150-8180 will continue to be the key swing decider levels
Trade active:
#NIFTY #technical #chart analysis for 6-Nov-2015: The low made today is crucial from NIFTY Futures point of view , it marks a critical 50% swing retracement. Below this expect 7880 to be tested. A close above 8080 will be reversal till then all pull backs can be shorted