- Nifty hits double top at around 6250 closing level and around 6350 on intraday high level.
- Nifty is in downtrend since Nov 2010 after touching the intraday high level of 6350 and has been making consistent lower tops and lower bottoms since then.
- The technical setup suggest that we are in short term bear market since end of 2010 and hence there is a high probability that we may break 4700 levels on downside in next couple of months.
- InvestorZclub performed a retracement analysis in August 2011 which suggested that Nifty might top out around 5300 to 5400 levels in its pull back rally after hitting 4800 levels.
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