Nifty likely to test 7533-7550: CLSA

Laurence Balanco of CLSA said, "Nifty has seen resistance in the 200-DMA zone of 7,900-8,000 and is vulnerable to at least a short-term reversal. A test of key short-term support at 7,533-7,550 provided by the 50-DMA is likely and a break below this level would open the door for a test of next chart support at 7,257 and probably a retest of the February lows.""However, a test and rebound off the 7,533-7,550 support area would improve the technical outlook, as such action would be from a higher low relative to the February lows - a precursor to a trend change. For now, the risk is for a correction back to the 50-DMA," he added.