Last week I had clearly mentioned that, "29500 is the border between a positive near term outlook and a negative near term outlook." After holding on to 29500 for almost 3/4th of the trading week, the level finally gave away on Thursday. Going forward, while the downside looks limited, there is a lot of resistance on the upside. The markets will struggle to sustain above 29500 once again.
The consolidation has given away to price correction and price correction will give away to time correction.
Don't be in a hurry to rebuild longs immediately.
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