Use pullback rallies on Nifty towards 10,650-10,700 to initiate short positions

A much-awaited breakdown took place during the Wednesday’s trading session and Nifty decisively broke and closed below 10,700 level and 10,600 on Thursday.In line with our expectations, indices saw follow-up selling on expiry day and Nifty precisely corrected towards its previous daily swing low of 10,550.In Thursday’s trade, Nifty penetrated the lower band of Bollinger band which got squeezed due to its previous consolidation. After struggling near 60 levels, weekly RSI (14) has signaled negative crossover.

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