The Nifty daily and hourly charts are developing an uncomfortable pattern on TTO, which may lead to a rapid downtrend if not negated. The short and medium term trend oscillators have been in a downtrend which may weaken the weekly trend.
The recent up trend may have achieved its target at 7720 for resumption of the downtrend. The trend line break may lead to Nifty falling back to 7550 and if broken to 7430 levels.
