Nifty#MegafoneBreakdown,-Ve Div RSI & MACD, Below 20&50DMA
Nifty(9872): Close below Megafone support....
Going forward till price trades below 9950-9965 trend will remain weak
Break below 9810 with volumes will open for further downside towards 9710-9680
If 9810 manages to sustain then there will be relief upto 9950-9965
With 23.6% retracement of 7890 to 10178 @ 9640, expect 9640-9680 levels to be short term bottom and decent amount of relief is likely to come from there
Momentum oscilators are trading below average indicating bearish momentum with price trading below 20DMA(9998) & 50DMA(9953) adding to further weakness.
Going forward till price trades below 9950-9965 trend will remain weak
Break below 9810 with volumes will open for further downside towards 9710-9680
If 9810 manages to sustain then there will be relief upto 9950-9965
With 23.6% retracement of 7890 to 10178 @ 9640, expect 9640-9680 levels to be short term bottom and decent amount of relief is likely to come from there
Momentum oscilators are trading below average indicating bearish momentum with price trading below 20DMA(9998) & 50DMA(9953) adding to further weakness.