Nifty Cracked below 9400!!!

Tuesday, The Indian stock market opened positive, but fell down sharply. The Nifty closed at 9386 and breached its crucial psychological support level. The market witnessed heavy selling pressure at higher level and slipped down. We are also into F&O expiry week, huge volatility is expected. As We mentioned in last few notes, there are no worries till nifty sustains above 9400 levels. Now, nifty cracked below this level on a closing basis. The Index may slip further towards southward,unless it recovers and manages to hold above 9400 level. Support and Resistance levels are gradually shifting lower.

nifty cracked down


On Technical Chart: On daily chart, nifty made a Bearish Belt Hold candlestick pattern suggests a firm grip of Bears in the near future. If nifty close above 9400, the Bulls would come back in the game.

Today: If it sustains below 9380 level, the Index may test 9350-9330 levels. We hold 9420-9450 as an immediate resistance If Nifty recovers.


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