MARKET SUMMARY: - On Wednesday trade, Indian benchmark index Nifty extend losses and close at 10044 after declining by -0.73%. The main index keeps sliding throughout the day and breaks below the 100 days SMA with no pullback efforts.
The Nifty index keeps continues the losing streak and shows further correction after the news of RBI policy of keeping its interest rate unchanged.
TECHNICAL COMMENTS: -
On the daily chart, the benchmark index forms a long bearish candle and closes near the day low with the negative sentiments. Nifty Index closed below the 100 days SMA and RSI stand at 33 level.
RBI keep the interest rate unchanged the second time in a row.
On the short-term time frame, Nifty index price closed near the day low and below the short and medium term Moving average on the hourly chart. RSI stands at 27 level but not in line with the price action, as a matter of divergence.
The index holds immediate resistance at 10105 and holding above this 10150 can be retested on the higher side, On the contrary below the support level of 10030, level of 10000 and below can be seen in the coming time.
BOTTOM LINE:- Trading Strategy for nifty traders, level of 10000 will be crucial to watch.
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