Nifty downtrend is still on, see a new lower level

Below 50-HEMA In today's session Nifty saw selling pressure near the 61.8% retracement level of the previous fall, which indicates that the downtrend is still on and we will see yet another lower low in the near future. Furthermore, Nifty failed to pierced the duo of 20- and 50- hourly moving averages, which confirms the possibility of a slide from hereon.

Trading Ideas Remain stock specific from current levels. Mid term trading ideas which we like are SRF (Target Rs260), JP Associates (Target Rs144),Escorts (Target Rs208) and MSK Projects (Target Rs200). Traders maintain stop loss accordingly. Investment Ideas Great Offshore: CMP @ Rs460 (Target Rs528)

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