The pull-back was attempted amid fluctuations in the Nifty, but selling at nifty after 2.30 pm closed near the nifty-day low
After opening higher at 11,196.20, the Nifty attempted a pullback near its 200-day moving average, which was kept at 11,218 and an intraday high of 11,233.85, but the late nifty hit the selling pressure and hit the day's low at 11,112.65. came. nifty fall 48.40 points to close at 11,126.40.

We believe that the index managed to garner significant support of 11,100, but if it breaks down, there may be a strong selling pressure in the coming sessions, which may come down to 11080/11000/10960.

While the MACD has gone on high despite the market indicating a sell-off, it is still a negative indicator and cannot be ignored. The recession continued to dominate, as the intra-day pull back effort towards the 200-day moving average (11,218) was faced with a selling pressure. In this process nifty decisively all its important levels which is also with the sell signal on the daily MACD chart,
Thereby, reinforcing the feeling of recession
We believe 11,100 appeared to be the critical level based on the closing and its breakout came at the same level as nifty spent a lot of time in the 10,700–11,120 zone prior to the breakout.
A level of 11,200 would be considered an opportunity to create fresh short positions, with a stoploss of 11,250 at the closing base.
The market will be closed on Tuesday with respect to Dussehra.


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