Second image shows FII & Mf flows. They are still negative. Mf's monthly outflow is highest in last ten months. Fii's are also net sellers & they continue to do so. As per out flow expect a break in the market in the downside.
I expect market to move up to region 2770-2803 maximum on account of short covering & derivative closing. Don't forget to short nifty in this region for a good downside move on latter part of this week. For negate this view nifty should close above 2832 next week. If it closes above 2832 next week let us close our short.
Regarding the first chart, it's nifty weekly chart with reduced band width. Similar formed zone, some time before is highlighted. It is ready to move downward. BE CAUTIOUS.
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