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Weekly analysis : TAKING SUPPORT @ 200DMA - 25/09/2020

TAKING SUPPORT @ 200DMA – 25/09/2020.

 

NIFTY HOLDS ON TO 11000.

 

After enjoying a one way parabolic rise since March; Correction had become a necessity for the well being of the Market. After breaching the steep Support Trendline two weeks back, the Correction intensified in the week gone by. Markets corrected this week, before finding Support at the 200dma. Interestingly, Friday saw a bounce-back from the 200dma which helped the Nifty close above the 11000 mark, but it does not signal an end to the Correction. The daily as well as weekly candlestick pattern suggests continuation of bearishness. Also the completion of Head & Shoulders pattern indicates bearish connotations in the near term. It has a bearish Target of Nifty 10588 and hence any upward price movement for a day or two will not negate the Bearish Head & Shoulders pattern.

 

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