Though Nifty achieved our 1st target of 5423 on 17th, it could not sustain there but immediately fell back to 5350 and took support. Today Nifty may try testing 5400-5425 area again. A sustained failure here will have targets 5350, 5290 and final support at 5170.
Since the beginning of current series our view was Nifty may test 5400-5500, though we are cautious, still there is no considerable change in our view. We shall re-consider our view if Nifty breaks and closes below the low of 17th August ie below 5350. The major concern at this point is lack of momentum near/above 5400 Nifty level. Note: All levels mentioned are Nifty August Futures
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