JSW Steel has given bearish breakout from the Head and Shoulder pattern on the daily chart. It has breached crucial supports of 50 and 100-day EMA. Indicators and oscillators like RSI and MACD have turned bearish on the daily charts.
Vinay Rajani
January 31, 2023 / 06:38 AM IST
Representative image
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} On January 30, the Nifty managed to hold above its 200 DEMA (daily exponential moving average) support, placed at 17,550-odd levels. In last four trading sessions, it registered a massive fall of almost 800 points. Lower tops and lower bottoms formation is intact on the daily chart of the Nifty and the positional trend remains bearish. Previous support of 17,750-17,800 could interchange its role as a resistance going forward.On the monthly time-Frame, Bearish Engulfing candlestick pattern which was formed in December 2022 is now activated, as support of 17,774 is breached in the current month.The Nifty Midcap Index has got strong support at 30,000-odd levels, derived from a triple bottom formation. Sustainable level below 30,000 could intensify selling pressure in Midcap segment.Percentage of stocks above their 200 DMA (daily moving average) in NSE500 have nosedived to 43 percent, which was at 68 percent in the starting of the December 2022 month. Any reading below 50, indicates weak breadth.
