Nifty settles with marginal losses on Friday - Aditya Birla Money

NIFTY traded mixed holding above the support zone of 5840/5820 and settled with marginal losses in Friday's session.

Overall momentum in the daily RSI (14) and MACD (12/26/9) is weak indicating further dips towards 5750/5700 levels going forward.

However based on last few sessions price structure and intraday oscillators, a minor recovery towards 5920 and even higher seems possible before witnessing such dips.

Only a decisive breach below the said support zone would continue to keep the sentiment weak towards 5700 negating the recovery possibility.

Support is seen near 5840/5820. As long as the support holds a shortterm recovery towards 5920 and even higher seems possible, however if the support is breached decisively then weakness could extend towards 5700 in the coming days.

Source : Equity Bulls

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