Nifty swung between gains and losses on Sept 12 after scaling a fresh all-time at 20,110.35 in early trade - HDFC Securities
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Daily Technical View on Nifty
* Nifty swung between gains and losses on Sept 12 after scaling a fresh all-time at 20,110.35 in early trade.
* Market breadth deteriorated sharply as mid and smallcap indices nosedived and closed on a weak note.
* Both Small and Midcap Indices closed with big bear candle, which resulted in to bearish “Engulfing” pattern on the daily chart.
* This move indicates the bearish trend reversal for these indices.
* However, Nifty has managed to close relatively stronger and is expected to outperform the broader markets in the short term.
* Traders are advised to shift focus from midcap to largecap stocks.
* Nifty is still in positional uptrend and has got strong support in the zone of 19800-19900.
* However on hourly chart, indicators and oscillators have turned bearish for Nifty, which can put index under pressure for the day.
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