Nifty breaches the 50 SMA mark and crucial pivotal support placed at 10170 as it just tad above 10100 after sliding below it for intraday. Sellin pressure was seen across sectors as profit booking coupled with selling was observed.
It was a third consecutive day while almost a continuous bearish momentum is in play from 10490 marks as Nifty eroded around 400 points in Just 7 days. Nifty has breached very crucial support in recent terms which were established over last few weeks as it also closed below 10170 marks. It was a crucial support zone which was expected to be held. Since market consolidated briefly at that levels in September and October.
As per OI data selling was also observed in 10300 CE which indicates upside to be capped. In short term, we expect 10100 – 10K mark to be held as it is crucial along with some momentum being given from 50 Days SMA.
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