Nifty might be forming a larger FLAT of which the 'b' wave might be in progress as of now. This may take it anywhere near to earlier low 7240-50 range or even slightly lower than that. Then a bounce may occur towards 7600 area. If that happens then it will open up another down much below 7200 area to complete the next leg of major down move.
Nifty hourly chart:
Nifty 5 min chart:
Nifty hourly chart:
Nifty 5 min chart:
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