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SHORT TERM
Short term trend has changed to down; prices have confirmed Bearish Head & Shoulder pattern. We had given a short trade below 8580. Today prices crossed down that level intraday so traders should be short in the Nifty below 8580.

Now, we may see more downside correction in the index; so traders should hold on to this short position with a revised stop loss of 8620. 

INTERMEDIATE TERM
There is no fresh trade for the intermediate term traders as we are neutral for the intermediate term view. We will let you know when the next window of opportunity arises.

TOMORROW: FOR INTRADAY TRADERS

Yesterday we suggested our view was slightly on the bearish side and advised not to go long as far as prices are below 8700. Furthermore, we had suggested taking positions on the short side below 8580; so traders who went short should be in some profit as prices closed near the lows.

For tomorrow, our bias continues to be on the short side; so traders should again look for a shorting opportunity on intraday rallies.
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