WILL NIFTY SURVIVE FROM THE SELLING: TAKEN SUPPORT OF DMA
The NSE Nifty spot closed at 5286 down by 0.90% with the heavy selling pressure in previous trading session. A positive thing is, Nifty spot stopped and taken support of daily exponential moving average of 34 @ 5286. This can be seen in given figure. On the other hand, MACD (12.26.9) is already showing bearish signal whereas Stochastic (5.3.3) is in oversold position @ 7.16. If Nifty spot breaks and closes below the DMA (34), more selling will be seen till 5210 level. In this trading session, buy in deeps strategy will work due to oversold position in stochastic (5.3.3) indicator. Low risk takers are advised to be stay away from market till the normal break out of 5210 - 5286.
Happy Trading !!
Megha Investments & Research Team
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