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NIFTY - technically speaking...

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NIFTY (7610) - Yesterday low(7575),  near about the recent low of 7540 (08th Sep.).

Now we are facing two possibilities


The First Probability :
   Topped out at  9119(4th March) from their, fall started and Bottomed out at 7540 (08th Sep.) and pull backed to 8336 (26th Oct.) and now near about or nearing to retest the previous low. Retest means near about the previous low of 7540 (can allow roughly 50 points here and there) that means 7590--7490. If hold this level, then we can assume that the overall correction is come to an end and we are readying for next leg of uptrend that may last another 18 to 30 months and may test 10400--10800.


The Second Probability :

If the previous low of 7540 break decisively  (In down side, can allow roughly 50 points, that means, 7490),
 then
 the first down side  7225
 and next down side 6750 ,
 if not hold this level ,  then next level in down side 6425-6325

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Note : Most of the market participant may like the first probability and   may hate the second probabil…