Nifty found support at 7640 levels to end the short term downtrend. The daily and hourly oscillators are in oversold zone indicating the possibility of a new uptrend.
A cross above 7720 on closing basis would take the Nifty to 7880-7900 levels. A failure to cross 7720 and reversal and fall below 7640 would indicate further downside to 7550.
