Correction widely deepens and may find the support at 10000 levels
Nifty index continued its weakness and corrected around 100 points.
Market is forming lower highs – lower lows from last 3 trading sessions.
First index it breaks and slipped below its 200 DMA, which implies short term pressure in the market.
Now, till it remains below 10180 zones, weakness could continue towards psychological 10000, then 9980 -9950 zones, while hurdles are seen at 10276 then 10333.
Bank Nifty opened flattish, but witnessed sustained selling for entire trading session. It indicates bears are holding the grip in the market.
It also failed to hold above its crucial 200 DMA and closed below its crucial supply trend line. Broad based selling was seen across PSU and private banks, which dragged the index lower.
Now, till it remains below 24500 weakness could extend towards 24000 while hurdles are seen at 24500 then 24750.