technicality of nifty

· Resistances on NIFTY are 8052 / 8092 / 8151.
· Support Levels for NIFTY are 7962 / 7901 / 7862.
· We are most probably in the 4th phase of second corrective.
· This phase is technically the most volatile & time consuming in nature.
· Due to the 3^rd extension severe decline in the last week, our consolidation range is big with respect to the prices.
· After the 4^th phase of consolidation, we are expecting the final 5^th phase of the 2^ndcorrective to be disastrous in nature.
· In short, no more upward breakout on the cards for the coming 2-3 months.
· Happy Trading...