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Major reason why I feel nifty may get support in near terms means, FII may not go for aggressive selling from here. The reason is FIIs who invested even about 40 days ago, the losses, if they exit market, on the currency exchange rate itself will be close to 9 per cent. It does not make sense for them to sell now.
Though the falling rupee has dampen the sentiment is true and the fall continues in Nifty. Stocks are beaten down more than enough.
Last Hope for Bulls stands near 5638, if broken then the Bear phase should extend more, as I see change in direction and counts as below.
>>> Nifty - Alernative - Breaish View <
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Cheers!!!
