The 200-day exponential moving average (17,550) and January 27 low of 17,494) are the two levels to watch, though a minor pullback rally can’t be ruled out after the bloodbath, say experts
Sunil Shankar Matkar
January 27, 2023 / 05:52 PM IST
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The Nifty extended losses for the second session on January 27, closing at a three-month low with sharp despite positive global peers as investors turn cautious ahead of the Union Budget 2023 and the Federal Reserve meeting.
The index opened lower at 17,877 and extended losses to drop to the day’s low of 17,494. It narrowed losses in the late trade and ended 288 points, or 1.61 percent, down at 17,604, its worst closing since October 21, 2022.
It breached the important support of 17,800 and formed a long bearish candle on the daily as well as the weekly charts. It closed the week 2.35 percent lower.
Experts said the 200-day exponential moving average (DEMA) at 17,550 and the day’s low of 17,494 would be the levels to watch, though a minor pullback rally can’t be ruled out.
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