- Breaking below 20 SMA will be negative. Sustaining above 20 SMA can give an up move.
- Nifty is hanging around the 38.2% Fib level for some time now. A range expansion to take out 50% or 23.6% can give good movement. But nifty had trouble in closing above 50% last time too. Nifty did trade above 50% Fib level but never made a convincing close above that level.
- So bulls need a daily close above 50% Fib level. Bears would like to see 23.6% level gets broken.
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