‘’Nifty has encountered a notable resistance at the 20-day moving average (20-DMA) subsequent to rebounding from the 19,300 mark. If it fails to surpass this level, there's a possibility of a renewed wave of selling, potentially driving it towards the 18,888 level. Within this decline, the support levels at 19,300 and 19,191 are likely to serve as intermediate barriers,'' said Pravesh Gour, Senior Technical Analyst, Swastika Investmart.
On the contrary, sustaining its position above the 20-DMA, which is currently at 19,640, could set the stage for a short-covering rally, possibly propelling Nifty towards the range of 19,800 to 20,000.
‘’In the near term, the Reserve Bank of India's policy decision holds significant importance, shaping market sentiment. Additionally, the flow of FIIs remains a pivotal factor, given their recent trend of selling over the past few days,'' added Gour.
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