From Daily Nifty Ichimoku cloud chart we could see that nifty candle had just above the cloud supports 5331 and holding still above the cloud. But hourly charts are still indicating a bearish picture. And Nifty open interest data of August Series shows that as of now put writers are bullish on holding 5300 level.
So Possibly a breakdown below 5300 indicates much more weakness in the system.The minimum requirement for the current trend to turn bullishness is 5 EMA zone on EOD baisi which is currently at 5397.
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