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Here's why Subash Gangadharan is bullish on Hikal, Gujarat Gas

The technical & derivative analyst from HDFC Securities expects weakness in Nifty to continue

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Subash Gangadharan Mumbai
Weakess to continue

On the daily chart, we can see that the Nifty remains in a downtrend after breaking down from its recent trading range and despite the bounce back seen on Tuesday. The 20-day SMA is also sloping down and on the verge of crossing below the 50-day SMA. Weekly momentum readings like the 14-week RSI are in decline mode.

While we remain open to pullback rallies, we expect the Nifty to eventually move lower in the coming sessions. A larger correction is likely once the 17,254-17,216 supports are broken.

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First Published: Nov 24 2021 | 7:55 AM IST

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