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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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