Once a breach of 10,239 on the weekly closing basis happens we will be comfortable to project a downside target somewhere between 9,900 – 9,700 where Nifty should bottom out, Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in, said in an interview with Moneycontrol’s Kshitij Anand.
Q) We saw a roller coaster ride for Indian markets this week. The index which reclaims 200-DMA came under selling pressure after reclaiming 10700. What is the sense you are getting?
Yes, as you rightly said, that Nifty50 faltered around its 200-day moving average (DMA) after entering into the bearish gap zone of 10,754-10,843 levels registered on 4th of October.
At this juncture what we need to understand is about the direction of larger trends which appears to have decisively tilted in favour of bears at least from August 2018 from the absolute highs of 11,760 levels (record high).
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