Nifty 50 fell below 21 days EMA.Geopolitical uncertainty may have impacted the market, especially of conflict between Israel and Iran.
After a volatile session Nifty 50 closed -18.80 (0.08%) points down at 24793.25 in today's trading.Expert says that Nifty closed below 21 day EMA in day chart and below 200 level DMA in hourly chart and it indicates consolidation and indecisiveness before a directional move and also its a setback for bulls.Investors and traders are required to calculate the possible duration of present trend before taking position.
The DMA and EMA points to weakness in market until closes above 24850 levels on upside.Technically 24550 level indicates support level.25000 level will act as key resistance and 24500 as key support.
(Notice - The above view expressed is only for educational purpose. Traders and investors do not take trade and position on the basis of the views expressed above. Students may use the above view for their research work)