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Nifty trend and stocks in action on September 25, 2020

Karan DSIJ
·2-min read

At the opening bell, Nifty breached its important psychological level of 11,000 and as the day progressed, the fall exaggerated and it registered one of the worst single-day declines in almost four months. It has also extended its fall for the sixth straight session. At close, it settled around 11,806 mark.

The price action of the day formed a bearish candle, carrying lower high and lower low. With the severe fall of the last six trading sessions, Nifty has now reached in close vicinity of an important moving average i.e. 200-DMA (10,761).

Going forward, it’s important to monitor the price action around the 200-DMA as in case the bears take this out then, the index might head towards the level of 10,550-10,640 in the near term. So, now, the onus is on the long-term moving average to help revive the bulls as a slide below this level would only amplify a panic in the market.

The 14-period RSI has breached its important level of 40 and is currently, placed at 30. On the directional index, the bearish strength is higher than the bullish strength as +DI is much below the -DI. Also, the –DI is in a rising trajectory. Further, the ADX is also rising. Meanwhile, the MACD histogram further increases, which is a cause of worry.

All-in-all, now, the onus is on the 200-DMA, which is placed at 10,761. If bulls manage to defend it, expect a pullback up to the levels of 10,980, or else, 10,640-10,550 is the next destination.

 

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