Battle zone has been won by BEARS for now
The Bears have won the battle. They relentlessly defended their territory first around 10330 and then in yesterday’s session around 10149 and their aggression finally had the effect on Bulls as they were unable to protect their line in sand around 9944. The immediate target for the downside is the height of the Battle zone and that gives us a value area around 9560. An open chart gap left in Nifty is placed around 9598 and hence 9560-9598 is a confluence of support zone. The trend line from the low of April runs through 9300-9330 area and that seems to the maximum downside potential of this decline.
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