Crystal Ball

Last week Nifty breach the crucial level of 2723 and then fell below the trend decider level of 2669 signaling a resumption of its structural downtrend. Nifty did not find support at the past reaction low of 2570 but it managed to stage a rally from above the major reaction low of 2502. In our opinion after the relief rally Nifty would fall to 2484-2410. Until Nifty recovers to close above 2827, we shall look to sell into the rallies and view the market negatively.