After days of indecision and trading ranges, today we finally got a peak of what is ahead and some confirmation of who is in charge. Namely Bears, although this might not be the case for tomorrow due to the budget which could cause lot of volatility in the week ahead but today was a clear cut indication that the bears were in charge. We saw negative breakout from an equilateral triangle and Nifty closed at its lowest. Here is the hourly chart as of today
We also reached the target of the breakout as prices closed below the 200hma of 8744. Going forward the 20dema stands at 8724 which should give support. The Trend however looks down for the short term as I am expecting a 5 wave decline considering a double top and 3 wave structures of A and B.
Support – 8702 (Spot Level)
Resistance – 8790 (Spot Level)