Nifty May Slip Towards 8400 in Coming Days

After seeing a strong up move,Nifty has been consolidating in a small trading range for the last several days.It broke the trading range on the lower side in last trading session.

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Looking at the daily technical chart for Nifty,it seems the index may slip towards 8400 and lower in coming days.If it sustains below 8630-8640,it may accelerate the selling in the market pushing the index lower.

Traders may look to initiate short positions in Nifty near 8630 level for targets of 8375.Keep stop loss at 8700.

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