Wednesday, March 18, 2020
Today (18th March), the index closed at 8,468, down 498 points or 5.56 percent and formed a long bearish candle on the daily chart. “The hurdle in the 9,100-9,150 range proved a key resistance during the day.
Nifty’s near-term resistance now stands in the 8,800-9,000 zone. “The positive sentiment post-Friday's sharp recovery seems to have been nullified. Nifty moving below the low at 8,555 is not a positive sign. One may expect further weakness in the short term,” say experts.
The index has been trading far below its key moving averages and the 14-day RSI at 14 suggests the index is in the deep oversold territory. Analysts do not rule out the index falling below the 8,000 level in the short term.
