Nifty seems to be heading lower considering the technicals.Nifty is below 200 day EMA and also SMA which is a bearish indication. This is the longest time after 2011 where nifty is below 200 EMA/SMA. It may also be seen that 200 EMA(black MA) is below 200 SMA(red MA) which is also a barish signal. nifty moved below 200 EMA by gap down in august and then made a low of 7550 and then reversed again to move above 200 EMA and found resistance at SMA and then moved down wards and that too today with gap down below 200 EMA which is also a bearish signal. All these are pointing technically that bulls are not going to have a good days in comming weeks or months. So till 200 day EMA/SMA are not taken out we can easily see nifty making new low.
Mahiidar M
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