Friday 23 March 2018



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Looking at the daily chart of Nifty, we can see a bullish divergence which was one of the reasons for a recent pullback. At this juncture, we maintain our view that 10033 will be a crucial support on NiftyThe Nifty50 eventually broke its 200-DMA on Monday and corrected towards the crucial support of 10033.35, as this level coincided with the previous weekly swing low.

However, bulls somehow managed to defend this level which was also supported by the extreme oversold condition of momentum oscillators on the hourly chart. As a result, the index retested the daily 200-DMA but failed to close above the same.


Looking at the daily chart of Nifty, we can see a bullish divergence which was one of the reasons for a recent pullback. At this juncture, we maintain our view that 10033 will be a crucial support on Nifty.

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