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Published on 27/12/2019 10:09:10 AM | Source: Motilal Oswal Services Ltd

Nifty index continued to make lower highs – lower lows for third consecutive session - Motilal Oswal

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Nifty Outlook Daily

Nifty index continued to make lower highs – lower lows for third consecutive session. It formed a Bearish Belt Hold candle on daily scale, which indicate dominance of bears for major part of the session. Despite the corrective move of benchmark indices, market breadth remained in favour of the advancing counters. The momentum oscillator RSI is showing triple negative divergence and turned southward on daily chart, which doesn’t bode well for the bulls. Since index closed below its immediate support of 12158 levels, further correction towards 12050 – 12000 zone cannot be ruled out. On upside, immediate hurdle is placed at 12220 and 12300 levels

 

Nifty Chart

 

 

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