Tech View: Nifty chart shows bearish RSI crossover. What should traders do on Thursday?
Nifty, ended with minor declines on Tuesday, dragged down by IT and bank stocks. The 30-stock BSE Sensex finished at 78,472.87, down by 67.30 points or 0.09%, while the broader Nifty50 closed at 23,727.65, declining by 25.80 points or 0.11%.
«Nifty breached the critical support of the 200 DMA with volumes, which indicates the index could slide further and test the swing low of 23,300 on the downside,» said Kunal Shah, Senior Technical and Derivative Research Analyst at Mirae Asset Sharekhan. «The real pain was visible in the broader markets, where the advance-decline ratio stood at 1:4,» he added.
«On the daily chart, Nifty is trading below the 20-day moving average (DMA) and the 40-day exponential moving average (DEMA) of 24,363 and 24,350, respectively. The momentum indicator has a negative crossover on the daily chart,» Shah added.
The stock markets will remain closed for trading on Wednesday due to the Christmas holiday.
What should traders do? Here's what analysts have to say:
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