Nifty — The index opened on a positive note but was unable to hold onto opening sessions gains; it declined throughout the trading session to end the day with loss of 133 points.
Close below 10 & 20 dma — The index has closed below the 10 dma = 6211 and 20 dma = 6082. A close below the averages suggests the index could decline from its current levels. On the downside index has support around 6022, lower support is around 5938.On the upside index faces resistance around 6145-6211 band.Intra day weakness can be expected on break below the 6022 levels.
Conclusion – Expect intra-day weakness below 6022.
Close below 10 & 20 dma — The index has closed below the 10 dma = 6211 and 20 dma = 6082. A close below the averages suggests the index could decline from its current levels. On the downside index has support around 6022, lower support is around 5938.On the upside index faces resistance around 6145-6211 band.Intra day weakness can be expected on break below the 6022 levels.
Conclusion – Expect intra-day weakness below 6022.
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