Nifty likely to rebound, may rally upto 7717: CLSA

Laurence Balanco, CLSA feels the Nifty is staging a rebound rally with initial resistance at 7,717 followed by major trend resistance at the 200-DMA and upper boundary of the cited downtrend channel at the 8,156-8,160 area.

According to him, globally relief rallies continued to unfold, but should ultimately fade.

"The markets are looking for some additional rally attempts this week prior to a resumption of the long-term decline in February," Balanco says, adding he continued to recommend selling this rebound.