Nifty Outlook : Nifty 50 slipped below 11000 on Wednesday for the second day in a row, but sustained above 10900 levels.
Further, Nifty Index failed to breach the resistance level of 11050. The Nifty was dragged by PSU Banks and Metal index because investors didn’t shown any interest due to worry over economic growth.
Nifty 50 is trading around 7 Day Moving Average on EOD chart (as shown in image below) resulting whole day negative movement.
Index is clearly showing a negative Nifty Trend on EOD chart and making a strong Bullish candle. Here we can see a further down trend if Nifty breaks the 10900 levels.
If Nifty slips below 10900 than we can see a 60 points move upto 10840. Further, decline can push nifty to 10782 where the low of this quarter is lying. Because, Index shown “Triangular Pattern”, which forced Nifty to decline further during the Nifty Today session.
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