NIFTY STILL BEARISH: CLOSED BELOW DAILY EMA (34)
The NSE Nifty spot closed at 5245 down by 0.3% with the heavy selling pressure and closed at low, which shows the negative trend for some period of time. On the other hand, MACD (12.26.9) is also showing negative trend and Stochastic (5.3.3) is moving below the oversold zone This clearly indicates about further more selling in coming trading sessions. 5209/5166 are the support levels for medium term period. Nifty spot is facing 5311 as hurdle. Intraday traders are advised to make short position on higher levels for intraday profits. As we see and analyze this negative trend, it looks like nifty may come 5150 level in coming sessions. Market is moving scrip wise.
Happy Trading !!
Megha Investments & Research Team
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