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Daily Technical View on Nifty

* Nifty gave up early gains to end lower on Sept 28 as Brent Crude prices surged over $97 a barrel, the most in over 10 months.

* At close, Nifty was down 0.98% or 192.9 points at 19523.6. Volumes on the NSE were on the higher side helped by F&O expiry trades.

* Midcap index fell more than the Nifty even as the advance decline ratio fell sharply to 0.62:1.

* Nifty plunged more than 200 points from the day’s high of 19766

* Nifty has broken down below its 50 dema support of 19560

* Previous swing low on daily chart, projects the next support at 19223.

* Nifty has formed bearish engulfing candlestick pattern on the daily chart, which indicates the extension of a down trend.

* Below 44182, BankNifty will break the important support derived from upward sloping trend line

* Nifty could now seek lower levels of 19388- 19458 band while on upmoves 19699 could offer resistance in the near term.

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