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Though experts suggest the Nifty may have bottomed out near 10,040, investors must tread with caution ahead of the US Fed policy outcomeThe Nifty started on a positive note Wednesday but failed to keep the momentum going. The index closed below its crucial 200-day exponential moving average (DEMA) for the second day in a row. It formed a small-bodied candle which closely resembles a ‘Spinning Top’ kind of indecisive pattern.
Spinning Top is often regarded as a neutral pattern which suggests indecisiveness on the part of both bulls as well as bears. It can be formed in an uptrend as well as in a downtrend.
The Nifty index opened gap up and negated its formation of lower highs - lower lows of the last four trading session. It came under selling pressure in afternoon trade and pulled the index below 200-DEMA placed around 10165, and 5-DEMA which was placed at 10,185.
Investors are advised to tread with caution ahead of the US Federal Reserve policy meeting. But, technically, there is a higher possibility the market has bottomed out near 10,040, suggest experts
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