Published on 13/05/2019 4:50:19 PM | Source: HDFC Securities Ltd

Technical Outlook on Market - HDFC securities

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Below is the views on Technical Outlook on Market by Mr. Subash Gangadharan, Technical Analyst, HDFC securities.


Technically, with Nifty moving down further, the short term trend remains down :HDFC securities


Carrying  on  from  last  week,  markets corrected further on Monday as the Nifty ended in the red for the ninth consecutive session. The weakness came on  the  back  of negative global markets as investors were concerned about global  economic  growth  after trade negotiations between the US and China appeared  to  be at a deadlock. The Nifty index ended 130.7 points or 1.16% lower at 11,148.2.

Technically,  with  the  Nifty  moving  down  further, the short term trend remains  down.  The Nifty could now head towards the next major supports of 11024,  which  corresponds  to  the 200-day EMA. Any pullback rallies could find resistance at 11300.


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