Fear of Fall revisits chart

Nifty has finally given a breakout of a wedge on the downside and have seen a close below the same which has meant a bearish mood on the markets for coming days. Though yet we need confirmation for the pattern breakout with 2 more close, we can stay cautious for the long positions. Today after the close, i have tried to mark Nifty into the red channel, suggesting that we could see 6690 levels if we didnt recovered in next two days and closed above 7200. Technically, on weekly chart we need to trade below 6960 which is previous  weeks low to get confirm bears party. So tomorrow being expiry, we can expect a volatile session and Friday can be a crucial close again. So may be we could still avoid trades for next two days and wait for a confirmation weekly close.

So crucial levels for on Nifty remains 6960: Previous weeks close, 6869: 200Weeks average and for the upside anything above 7180 is safe. So just wait and watch!!

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