Hello,
Markets break down below 200 day Exponential Moving Average.
After trading in a narrow range between the 18,779-19,167/5624-5748 levels, the downtrend continued this week as the Sensex/Nifty broke below this range. In the process, they also closed below the 200 day EMA, a crucial support for the markets.
W-o-W, while the Sensex ended 3.05% lower, the Nifty lost 3.24% over the same period. Reflecting the weak sentiments, market breadth was negative in three out of the four trading sessions of the week.
Outlook next week
With the markets moving down further and trading below the 200 day EMA, the bears now seem to have the upper hand. We expect further downsides in the coming week. Short term pullback rallies could find Nifty resistance at 5560-5600.
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Warm Regards,
Stock Market News Team
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