Nifty outlook by Epic Research

Nifty falls posting more than a percent loss as broad-based selling occurs. A broad-based selling was seen with all indices losing 2-3% barring IT and Media. This is a long bearish candle for the second consecutive day with prices breaching the lower range. Long bearish candle confirms the density of selling pressure to be high since we have seen high volume accompanying the same. This indicates any reversal to upward levels may not sustain and selling may further intensify.

With volatility aiding this momentum it is likely to be a negative momentum that can further expand. Nifty had likely support at lower levels of 10700 and with today’s closing below it, we may see further pressure to 10620 – 10590. The Highest OI for the month stands at 10500 – 11000 and Max pain currently stands at 10800

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