In our previous post it was mentioned that weekly close above 8480 may add more fire however bulls failed to capitalize the move and the darling closed near its 20 WMA. On a daily chart the index has found support around 20 DMA however it has been closing below its 200 DMA for the last three sessions. Putting weekly and daily observations together it seems that the markets are trading in range of 8315-8500 in search of further directions. Short term Bias seems to be slightly bearish as long as 8480 is not captured on a closing basis. The bearish view will be reinforced once the darling closes below 8315.
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