Commenting on the current scenario, Amar Ambani, Head of Research, IIFL said, “After being under pressure constantly for the past few weeks, Nifty bounced back after retracing almost 50% of its previous rally since February 2014 to March 2015. After breaching the neckline of the head and shoulder pattern on Monday Nifty managed to again close above the bearish neckline indicating that the bounce is here to stay. However, for Nifty to reverse this declining trend, it has to close above the peak of its right shoulder which is placed at 8,090 levels.”
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