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Below the Quote on Technical Views by Anand James, Chief Market Strategist, Geojit Financial Service

Nifty outlook

The 420 point fall of Friday completed a 7% decline post turning lower from the 50 day SMA mark early Feb. This has also pushed its RSI as well as stochastics to the lowest level since 2020, while also forcing a close below the lower bollinger band. While these factors do not guarantee a reversal, they do provide enough conditions. This prompts to weigh in the fact that 70% of Nifty50 constituents registered a green candle in the last hour on Friday, encouraging to take a positive stance early today. However, inability to clear 22350 may push index down towards 21851, the 23% fibo retracement of the covid low to 2024 peak move. - Read more
 

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