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Technicall View on Nifty

The Nifty which opened with a positive bias failed to hold on to the momentum as bears took control of D-Street as it reclaimed 10,200 levels. The index slipped below its crucial 200-DEMA placed around 10,114 and now a closed below 10,000 could take Nifty towards 9700.

Bears ruled the D-Street for the third consecutive day in a row and pushed the Nifty below its crucial long-term moving an average of 200-DEMA for the first time on Monday for the first time since November 2016. The Nifty has also registered its fresh low for the year 2018 as it made a strong bear candle.
The Nifty which opened with a positive bias failed to hold on to the momentum as bears took control of D-Street as it reclaimed 10,200 levels. The index slipped below its crucial 200-DEMA placed around 10,114 and now a closed below 10,000 could take Nifty towards 9700.
Traders should not hurry in creating long at the current juncture as long as Nifty trades below its 200-DEMA. A close above 10,200 could signal some short-term strength in the index.
The Nifty which opened at 10,215 rose to an intraday high of 10,224 before bears took control of D-Street. The index hit an intraday low of 10,075 before closing the day at 10,094, down 100.90 points or 0.99 percent.
Mohammad further added that 10040 – 9980 appears to be a critical support point for Nifty50 from where a bounce can be expected. For any reason, if indices close below the psychologically important mark of 10,000 then traders should look for bigger targets of 9700 on the downside.
Meanwhile, a close above 10200 levels may suggest some short-term strength to the indices.
Options band signifies a lower trading range between 10000 to 10250 zones. The index formed a Bearish candle on the daily chart and has been making lower highs - lower lows from last three trading session,” Chandan Taparia, Derivatives, and Technical Analyst at Motilal Oswal Securities told Moneycontrol.
“It has broken its crucial rising support trend line which was formed by connecting major swing lows of 9341, 9448,9687 and 10141. It slipped below its 200 DEMA which implies short-term pressure in the market,” he said.


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