06:19
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Nifty continues to slips and halts at 50 Days MA after almost two months as selling pressure continued. It is after two months we are observing nifty closing at 50 Days MA which is a lifeline for bulls. It is the second biggest loss it has posted in last few couples of months and that is a point of concern.Technically we have had only two days of a relief rally in last seven days and both were almost an inside day formation. hence as Bears prevailed today, the blending of the candles, make it look a straight bearish trend and that implicates a warning for bulls. #Nifty has broken all its crucial support in short-term and we expect this trend to continue with some mild consolidations.
Support is now seen at 11110 - 11150 and with today's long black candlestick we expect any bounce to be subdued by bears on the upside. Previous support placed at 11380 - 11370 will act as major resistance. We recommend a sell on high strategy for coming days in September series.
Posted in: Indian Market Tips
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