NIFTY near term outlook

Nifty future yesterday broke the support of 8550 level and moved to 8507 that what the level that we had discussed in the past as well and had it marked. Till now NIFTY seems to be playing within the channels and we saw a sharp bounce from that zone as well giving good contraction play. Support remains at 8500. Resistance level at 8600-40, Market can be shorted on rise until thr level is cleared pullback .#Nse, #Nifty #Sensex #Stock