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Nifty above 200-DMA despite seeing red

Six straight days of losses have seen the benchmark National Stock Exchange Nifty50 Index drop below most of its key daily moving average (DMA). However, the index is still above its 200-DMA, which is somewhere around 17,350. A fall below this level could lead to further weakness in the market, say technical analysts. “The momentum is shifting towards bears. The immediate support for the Nifty is placed at around 17,350, which is also the Budget-day low. In case prices drift below these levels, then 17,050 –17,000 will be on the cards,” says Rohan Patil,