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Nifty In Technical Charts: Is The Bottoming Time Approaching? Timewise, we are entering the window forecasted for the yearly low to be recorded, writes CK Narayan.
The week set off ominously, when the gap down price action of the last Friday saw some aggressive follow through to the downside, persisting for the first three sessions of the week.
The Open Interest chart of the Nifty and Bank Nifty show build-up of substantial short positions.
This, too, would imply that any rally, were it to emerge here, may not last very long and it would actually be one to sell into.
The Banking pack should be watched for weakness to set in as they are leading the sentiment swings right now.
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