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 Nifty closed at 9,820.25, down 87 points on Thursday. According to Pivot charts, the key support level is placed at 9,766.75, followed by 9,713.25. If the index starts to move higher, key resistance levels to watch out are 9,883.2 and 9,946.15.
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The Nifty closed at 9,820.25, down 87 points on Thursday. According to Pivot charts, the key support level is placed at 9,766.75, followed by 9,713.25. If the index starts to move higher, key resistance levels to watch out are 9,883.2 and 9,946.15.
On a one MISSED CALL on @9644405056 you can have your Free Trials for two days in Share Market so why are you waiting for, Hurry up! SUBSCRIBE US >>
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