NIFTY CMP 8484
-- Today it made low of 8476.
Thus it breached the monthly short term EMA ( 8479).
On daily chart
1. RSI is bottomed out
2. It is far away from all three ( short, medium & long ) EMAs , which are at 8568, 8648, 8610 resptly.
3. It is also far away from weekly short term EMA which is at 8614.
For all three reasons expect pull back.
Next support at 8424.
Weekly MACD is in sell mode, RSI not yet bottomed out, hence expect selling to continue after short pull back.
The market does speak ...... we only have to listen.
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We will not be responsible for losses purportedly arising from the use of our recommendations
Disclaimer: Investors/traders should carry out their own study and research, and exercise caution before acting on these recommendations.
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