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Published on 22/09/2020 1:11:15 PM | Source: Swastika Investmart Ltd

Market texture has become as Nifty has slipped below its S0-DMA - Swastika Investmart

Posted in Market Outlook| #Market Outlook #Swastika Investmart Ltd

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Technical Outlook:

Nifty (Spot):

Market texture has become as Nifty has slipped below its S0-DMA where 200-DMA of 10775 will be the next important support level while 11185/11100 are immediate support levels. In the upside 20-DMA of 11385 will act as a strong hurdle while 11330 will act as an immediate hurdle at any pullback. Traders are advised to use sell on rise strategy with stop loss at 11400 level.

Banknifty (Spot):

Banknifty is underperforming where 21400/21000/20600 are multiple support levels but there is no strength in it to play for pullback while 21950-22050 will be supply zone at any pullback and only a move above 22400 can lead a short covering.

 

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