Nifty has witnessed huge sell off yesterday and decisively closed below its 200 DMA of 3385. If Nifty closes below 3385 for one more day, then we can expect further weakness. High volatility and overbought situation of Nifty will deteriorate the uptrend. International cues like strong Yen and weak Asian counterparts are also affected the sentiment. Swine Flu, the pandemic will be expected to spread across the globe also weigh the sentiment. Minor range bound movement can be seen by noon, but traders may cut their long ahead of long week end. Nifty may meet 3302 or 3285 levels on the downside. Resistance at 3383, 3410, and 3440.
One of the strong prominent technical oscillator has given a sell signal, so “cautious”.
One of the strong prominent technical oscillator has given a sell signal, so “cautious”.
