The longterm channel line which supported earlier at 17298 and then at 17414 has supported now at 18047.
Its also in the range of 78% Fibonacci Retracement.
There can be a technical bounce,
or, if breaks the magenta channel, then next support is at
17881 ema 377day
17788 ema 400day.
The shortterm EMAs are inclined down,
The longerterm EMAs which are sideways, are showing a very marginal incline downwards.
ATR is rising, indicating increasing volatility.
Oscillator is dipping further into oversold sump.
Short term parameters -
All the indications continue to strengthen the bearish tone.
Medium term parameters -
KS has fallen into the cloud,
CS has fallen below the cloud.
This strengthens medium term negativity, which will stand reversed
when points break above the cloud,
that is, it will have both the cloud boundaries to negotiate.
FII turnover is in Red by - 487 crores.
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