Market Strategy - Short Term View :: Edelweiss

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• Nifty index closed below its 9 DMA for the first time after 32 trading sessions. The slope of the moving averages have turned flat directionally.
• Nifty has fallen below previous weeks low.
• Momentum Oscillators have entered in the neutral zone.
• We expect the index to oscillate in the range of 8300 and 8550 in the short term
• Due to the above stated reasons we are changing our view from "Bullish" to "Neutral" at CMP 8419. Important support on downside is 8350/8300