Nifty corrective declines are known to retrace 38.2% of the previous up-move. On an immediate basis, Thursday’s low of 9,561 is a point of reference, as it coincides with the support of its 21-EMA.
This moving average has been a savior since January 2017. Moreover, support of 5-week EMA is placed near Thursday’s low. The third line of defense as per gann rule of 8 also highlights the criticality of 9,560.
Any fall below 9,560 would cause a downside shift continuation in the orbit. Meanwhile, BankNifty continues to trade above three-digit gann number of 233.
This moving average has been a savior since January 2017. Moreover, support of 5-week EMA is placed near Thursday’s low. The third line of defense as per gann rule of 8 also highlights the criticality of 9,560.
Any fall below 9,560 would cause a downside shift continuation in the orbit. Meanwhile, BankNifty continues to trade above three-digit gann number of 233.
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