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The pull-back indicates a bit of respite from oversold territory and that has to be considered with a bit of skepticism.The Nifty closed with a loss of 15 points at 10,410 near its 100-day exponential moving average (DEMA) on Wednesday. But, the big takeaway was that bulls managed to narrow losses towards the close of the session.
In last five sessions, Nifty has retraced 61.8 percent of earlier six days fall, indicating weak pullback, and suggesting a round of a couple of day’s consolidation in a range of 10,300–10,450 levels.
The Nifty witnessed a symmetrical and V-shaped recovery in the second half. Technically, nothing has really changed from Monday onwards. Till last week, the markets seemed pretty balanced but with a slight negative bias.
“The current up-move puts the bulls at a slight advantage. However, the same needs to be taken with a pinch of salt. The markets have recovered from the 200 DMA placed at 10131, and the recovery seems to now eyeing the 100 DMA,” GEPL Capital said in a report.
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