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It was another weak day for Indian markets thanks to weak global cues and weakness in rupee which hit a fresh all-time low of 69.09/$ on Thursday.
The Nifty5o slipped below its crucial support at 10,600 but the real carnage was seen in the small and midcap space on Thursday. The index finally closed 82 points lower at 10,589.
The Nifty50 slipped below its crucial 50-EMA but closed above its 100-EMA placed around 10,571. The Nifty bounced back from its crucial support placed around 10,550.
However, experts feel that the correction may not be over yet as long as 10,666 remain intact.
The index is likely to drift lower towards 10,417 and subsequently towards 10,325 i.e. 61.8 percent retracement level of its previous rise once it breaks below 10,550.
On the way up, 10,632 – 10,674 will be resistance zone in the near-term. Any rise towards the resistance zone shall be considered as selling opportunity, suggest experts.
They maintain our bearish outlook on the index for the short term with a reversal placed at 10930.
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