Nifty
cracked sharply on the back of weak sentiment. Nifty opened gap down and
continued to drift lower. The index broke multiple support levels on intraday
charts and closed below the key 10,800 level. The Sensex slumped 770 points to
settle at 36563 and the Nifty dropped 225 points to close at 10798.
The bearish
pattern on higher time frame is playing out on lower timescales as well. The
evolving pattern indicates incremental weakness. The index could retest its
recent swing low of 10630 and any incremental selling may drag it to 10575. Going
ahead, 10770 will be crucial for any upmove. However, if Nifty trades below
10750 consistently, then it can approach the previous panic low of 10650.
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Resistance: 10840, 10900
Support: 10750, 10700
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