Breakdown seen on mid- and small-cap indices: HDFC Securities

Nifty outlook and technical Calls by Vinay Rajani, Technical Analyst at HDFC Securities:

Sell Nifty below 10530

Target: 10,360

The recent high 10770 has now become strong resistance in Nifty.  Any level below 10530 would result in to the fresh breakdown in Nifty, which could push the index towards next support of 200 DMA, currently placed at 10360. The Support of 10530 is derived from the upward sloping trend line adjoining daily bottoms of 23rd Mar 2018(9951) and 23rd May 2018(10417).  Nifty Midcap and Small cap indices have broken down on the charts and have reached at the lowest levels for last 8