Nifty ends down shredding yesterdays gain as it consolidates between 20/50 and 100 Days SMA. Nifty couldn’t manage to breach 9940, a crucial level, and closed with loss below 9900.
In short term, there are multiple headwinds for Nifty and many levels which may act as hurdle. 9940 is the first point of resistance which is 50 Days SMA. Beyond that, we see resistance in Nifty at 9970 which is a 20 Days MA. Both these levels will be crucial for bulls to be taken out else we may see pressure. On downside we see support at 9790, 100 days SMA, and 9700 where we have seen a Double bottom placed.
The structure is overall looking to consolidate in broader range of 10000-9700. The cues from derivatives data also suggest the same.
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