Market Strategy - Short Term View :: Edelweiss

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• Nifty index closed below its 50 DMA and 20 DMA yesterday with a significant cut.
• The Index has made a lower low and is now trading below important support level of 8200.
• Momentum Oscillators have exited the “Bullish Zone”. The parabolic SAR is now above the price indicating that 8300 is a stiff resistance for the index.
• We expect the index to move between 7960/8000 on the downside and 8250/8300 on the upside.
• Due to the above stated reasons we are changing our view from “Bullish” to “Neutral”at the level 8127. Important support on downside is 8000

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https://www.edelweiss.in/research/Market-Strategy--Short-Term-View/10005396.html