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After two days of sharp fall, Nifty witnessed a pause in the Wednesday’s session. On the daily chart, Nifty has slipped below a smaller rising channel and so far sustained below it.
The recent price action has an indication of smaller degree bearish reversal in the index. The broader market also witnessed selling in the last few days.
The recent selling in the market leads to fall in the Nifty below the short-term moving averages like 21-EMA. The momentum indicators such as RSI has given a bearish crossover and is falling with a current reading of 45.47.
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