Commenting on the current market situation, Amar Ambani, Head of Research, IIFL said, “Current decline is extended but it is still a correction in a bull market. As long as low of July 2014 (7,422) is intact, sharp falls are likely to provide excellent buying opportunities. Traders are advised to be patient and wait for markets to provide a short-term bottom. Fresh shorts should only be initiated once near term support of 7,700 is breached.”
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