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Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
NIFTY VIEW
NIFTY VIEW
Nifty now closing below 200dma implies further weakness with RSI on daily & weekly yet to get in to oversold zone, the near term target of 9800 now looks very reachable. The support for the day is seen at 10040 while resistance is seen at 10140. Bias still remains corrective with a wait & watch scenario till market shows some signs of stability & signs of reversal. Market is likely to witness choppiness with some bounce back.
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