Equity Eagle Eye: Nifty sheds more weight as weakness spreads
Rajesh Desai
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Nifty sheds more weight as weakness spreads
The Nifty closed in the negative today, down 23 points at 5519. Over the next couple of days it is expected to head lower till 5470. In this period the key support will be near 5470 and resistance will be near 5592.
Other technical observations
On the daily chart the index is trading below the 20-daily moving average (DMA) and the 40-DMA, ie 5866 and 5828 respectively. The momentum indicator is trading in negative mode.
On the hourly chart, the Nifty is trading below the 20-hourly moving average (HMA) and the 40-HMA, ie 5592 and 5646 respectively, which are crucial intra-day levels. The hourly momentum indicators have turned positive. The market breadth was positive today with 735 advances and 438 declines on the National Stock Exchange.
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CA. Rajesh Desai