The daily timeframe indicates that Nifty remains in a downtrend after breaking the previous lows of 24210- 24074 early this week - HDFC Securities
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Daily Technical View on Nifty
Market: Observation
* Markets corrected on Thursday after the Nifty found resistance near the previous day’s highs. Nifty finally lost 180.5 points or 0.74% to close at 24,117.0. Broad market indices like the BSE Mid Cap and Small Cap indices lost less, thereby outperforming the Sensex/Nifty. Market breadth was negative on the BSE/NSE.
Nifty: Near term downtrend could continue
* On 15 min chart, we can observe that Nifty corrected from the day’s highs and moved below Wednesday’s lows to finally close near the lows of the day.
* The 20 period MA has also gone below the 50 period MA on the 15 min chart, indicating a negative moving average crossover. Nifty could now test the 50 day SMA at 23934 in the very near term.
Nifty: Daily chart indicates downtrend intact
* The daily timeframe indicates that Nifty remains in a downtrend after breaking the previous lows of 24210- 24074 early this week.
* While the Nifty did bounce back, it has failed to sustain due to stiff resistance around the 24350 levels and has closed below Wednesday’slow.
* Nifty could now test the 50 day SMA at 23934. A larger correction is likely if Nifty fails to hold above this MA.
* Sectorally, the weakest sectors are IT, PSU Banks, Metal, Realty and Energy. Pharma is showing relative strength.
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