The Indices are already trading well below its crucial support levels of its 200 day simple moving averages, and it is weak therefore a small bad news can cause heavy sell-off with volatility.  As the Nifty is trading below 5,400, there are chances that Nifty may test its lower support levels at 5,300 -5,200 in the immediate future.

``Rising international crude prices further rattled the market. Nifty closed with a loss of 1.45%. The number of declines was more than twice that of advances. The market is expected to consolidate in a range of 5,200 to 5,650.``

``Technically today Nifty broke the major vital support level of 5380 and 5420 closed below these levels.  The psychological level of 18000 in Sensex also gave up. Nifty also closed fair below the vital resistance levels of 9 and 14 SMA placed at 5478.25, 5478 .42. Nifty is trading below the 50, 100 and 200 days SMA which are placed at 5533, 5777 and 5677 respectively and these levels will be acting as the resistance in the coming. VIX closed at 25.89% which is higher when compared to last trading sessionĂ¢€™s value of 25.26%, thus indicating less volatility in market in the forthcoming sessions. RSI (14) for the day was at 43.24 levels and MACD was above the signal line, thus combined together they are giving the signals that market may witness ranged movement in the coming session.``









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