Nifty opened gap down following the weak global cues. Technically, failure
to sustain above 5850 in Nifty induced selling in the market. Nifty broke
200 DMA in the opening trades and drifted down to sub 5,800 levels on the
back of sustained selling in the large cap space. A negative start by
European indices also added to the negativity of Indian stocks. On the lower
end Nifty broke the support of 5,800 and drifted down towards 5,750.
Daily RSI is indicating chances of further correction in the index. On the
lower end if Nifty sustains below 5,750 it may head towards 5,715. Below
5,715 it may extend losses by another 40-50 points. On the higher end 5,800
is expected to act as resistance.
to sustain above 5850 in Nifty induced selling in the market. Nifty broke
200 DMA in the opening trades and drifted down to sub 5,800 levels on the
back of sustained selling in the large cap space. A negative start by
European indices also added to the negativity of Indian stocks. On the lower
end Nifty broke the support of 5,800 and drifted down towards 5,750.
Daily RSI is indicating chances of further correction in the index. On the
lower end if Nifty sustains below 5,750 it may head towards 5,715. Below
5,715 it may extend losses by another 40-50 points. On the higher end 5,800
is expected to act as resistance.
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