Nifty- 100EMA breached, 16923 major support
Nifty made a big red candle breaching critical support level of 100EMA. DII -1376cr outsold FIIs -1157cr today , total selling of -2534cr sending markets in a downward spiral. Next major support is 16923 where this correction move should hopefully end.
PCR is at 0.43, oversold and indicates an imminent reversal. CPR is 76pts wide. A gap down opening will mean that CPR will act as a major resistance.
Pullbacks are seen as opportunity to sell which could take markets to lower levels. DIIs selling massively -if this continues-will support the downmove.
Let us see how markets act tomorrow.
PCR is at 0.43, oversold and indicates an imminent reversal. CPR is 76pts wide. A gap down opening will mean that CPR will act as a major resistance.
Pullbacks are seen as opportunity to sell which could take markets to lower levels. DIIs selling massively -if this continues-will support the downmove.
Let us see how markets act tomorrow.
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