• Nifty declined around 16% from the top and was down by 5.5% in the past week.
• With this fall, Index reached a positional moving average support on a weekly time frame, which coincides with the role reversal level.
• Nifty has a support range of 15300 to 15000 levels, but there is no bullish reversal sign yet.
• Due to the negative structure, the overall view remains negative, but the relief rally can’t be ignored at the current level due to potential support.
• Moving below the 15000/14900 level, the Index can have further declined up to the 14500 level.
• On the higher side, the Index has stiff resistance in the range of 15700 to 15900 levels.
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