Short-term outlook on Nifty negative till it trades below 8289: Devang Shah

Expect targets in the range of 7,715-7,680 in the short term

NIFTY
 

CLOSE- 8185.80 (30.12.16)

Nifty closed the week in positive territory. It extended pull-back rally further this week as well. It made a high of 8,197 so far this week and closed nearer to it at the end of trading session. In a very extreme scenario, it can further retest the upper end of range, but conclusively short to medium term trend still remains down. Trader should use any kind of pull-back rally to sell or exit till short term trend reverses. It still looks like a pull-back rally as far as overall short term structure of market and its