The Nifty which started with a gap on the lower side went on to test its crucial support placed at 50-days exponential moving average (DEMA) from where it bounced back to close above 9800 on Thursday.
The index formed a bearish candle for the fourth consecutive day in a row and a convincing breach of 50-DMA in the next few sessions could lead to further downside in the markets.
The Nifty opened at 9,872.85 and rose marginally to 9,892.65 but then bears took control of D-Street which pushed the index below its 50-DMA placed at 9,782. The index bounced back from its intraday low before closing 87 points lower at 9,820.
The last minute pull back from crucial support levels suggest that bulls have not given hope on D-Street yet and are eager to bounce back. If global cues remain stable, we could see a slight technical bounce back on Friday.
However, bullish momentum will continue once Nifty reclaims Mount 10K. On the other hand, a fall below 9,725 could open doors for another 300 point fall. Trade with caution and strict stop losses.
Missed
call @8817002233,WHATSAPP NO. 8602780449
Mail
Us = starindiamarket@gmail.com
No comments:
Post a Comment