Eagle Eye: Bears have a field day
Rajesh Desai
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Bears have a field day
The Nifty closed in the negative today, down 126 points at 5980. Over the next couple of days it is expected to head lower till 5950. In this period the key support will be at around 5950 and resistance will be at 6034.
Other technical observations
On the daily chart the index is trading above the 20-DMA and the 40-DMA, ie 5890 and 5860 respectively. The momentum indicator is trading in negative.
On the hourly chart, the Nifty is trading below the 20-hourly moving average (HMA) and 40-HMA, ie 6062 and 6034 respectively, which are crucial intra-day levels. The hourly momentum indicators have turned negative. The market breadth was negative today with 341 advances and 955 declines on the National Stock Exchange.
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CA. Rajesh Desai