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Nifty 9,675 is a critical support level

Nifty Bank had reacted down from an all time high at 25,200 in early August to 23,822 on August 10, before pulling above 25,000 again

Devangshu Datta 

The sharp downtrend in the past five sessions has led to nervousness. The market moved above 10,175 to generate a new all time high on Tuesday September 19. It has now reacted to test support at 9,718, just before the settlement session. The support at 9,675-9,700 is critical. If that is broken, we will see a pattern of higher highs followed by lower lows. That could indicate a deep downtrend.   The projections on the new high indicated that 10,275 was possible. The failure to hit that projection followed by the breakdown below 9,975 implies that this could be a big downtrend. ...

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First Published: Thu, September 28 2017. 00:34 IST
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