“Any bearish indicator on the candlestick, from global cues or open interest data may change investor sentiment quickly. OI data still suggests a consolidated Nifty50 level of 8,900 on the higher side to 8,600 on downside. A close below 8,700 will turn the intermediate positive trend into bearish. Keeping the larger frame in mind, the buy-on-dips trend remains intact. But the thumb rule should be: Book quick profits,” said Mustafa Nadeem CEO at Epic Research.
Source :- http://economictimes.indiatimes.com/markets/stocks/news/sensex-starts-on-a-cautious-note-nifty50-tests-8850-axis-bank-down-2/articleshow/54474202.cms