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After falling for three consecutive days, the index finally saw some relief on Tuesday followed with marginal gains on Wednesday as 200-DEMA which was placed around 10,108 was respected, but it closed below 200-DMA which is placed at 10,168.
The Nifty closed above the average (200-DEMA) for the second consecutive session. However, the stance has not yet changed as the selling pressure re-emerged after the Nifty rallied almost 180 points.
The 10,220-10,230 zone is exactly the ‘Falling Wedge’ declining trendline resistance from where Nifty saw some profit-taking.
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