nifty technicals & outlook

THE TECHNICALITY · The above is a Nifty Spot Intraday graph. · Resistances on NIFTY are 7857 / 7880 / 7929. · Support Levels for NIFTY are7801 / 7760 / 7725. · We are in the 4th phase of second corrective, which is on the verge of completion. · This phase is technically the most volatile & time consuming in nature which we did witness. · Triangular or diametric is the wave pattern unfolding in the current phase. · There may be little more of a powerless upside left which may fizzle soon. · 5th phase of decline is expected to be disastrous in nature, which may unfold soon. · Good Luck..

THE OUTLOOK · The Outlook is clear. Current phase will remain volatile before the market resumes its main trend i.e. bearish. · Although yesterday's trading session exhibited weakness, market may try to catch some more upside, which will be corrective in nature before resuming its downtrend again. ·  · Positional strategy should be selective. · Good Luck..