EARLIER :
Nifty has reached a crucial point, closer to our target area of 8100 projected in our earlier post below, touching a low of 8149 intra day today.
http://eqtrend.blogspot.com/2015/04/nifty-pre-may-mayhm.html
http://eqtrend.blogspot.com/2015/04/nifty-update-abc-correction.html
The hourly TO is in the following chart is showing initial signs of reversal as the hourly TO crosses above the daily TO, even though price continues to make newer lows. The price action in the next couple of hours will confirm if the reversal is for real or just another fake divergence. In any case the risk reward is strongly skewed against the shorts at the moment and bears will do well to cover their shorts and book profit for the time being.
A look at the daily chart below shows that the trigger line is about to crossover the zero indicating that the downtrend may reverse in near future.
