Nifty price prediction: Break below 25,113 could open further downside

According to Vinay Rajani, senior technical and derivative analyst at HDFC Securities, With bearish trends confirmed across all timeframes, a break 200DMA levels could trigger further selling

Nifty View

The Nifty index decisively breached the crucial swing low at 25,473 during the session and is now placed close to the 200-day EMA (25,160) and SMA (25,113), the final major technical supports. With bearish trends confirmed across all timeframes, a break below these 200DMA levels could trigger further selling toward the 24,800-24,900-support zone, while the breached 25,470-25,500 will interchange its role as immediate resistance on any pullback attempts.

Buy SETFGOLD(SBI Gold Exchange Traded Scheme) ₹129.58 | Stop-loss ₹125 | Target ₹136

SBI Gold ETF is trading in full bullish momentum with rising volumes with levels above all key moving averages. Gold as an asset class has been outperforming for last 1.5 years.

 

Sell FinNifty Jan Fut 27,200 | Stop-loss 27,350 |Target 27,000

Fin Nifty index has confirmed breakdown from bearish head and shoulder pattern on the daily charts. Index has breached 50 DEMA support with higher volumes.

 

(Disclaimer:This article is by Vinay Rajani, senior technical and derivative analyst at HDFC Securities. Views expressed are his own.)