Sensex and Nifty lost support at 200 DMA

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AHMEDABAD: The Sensex and Nifty lost significant 200 DMA (Daily Moving Average) support today on reports of crude oil surpassing સપાટી 100 in global markets following the outbreak of war between Russia and Ukraine.

The Sensex and Nifty fell three per cent in early trade today after the Indian stock market started trading with a gap on the back of adverse reports.

According to analysts, if the Sensex loses its support level of 2000, further erosion will be seen.

The technical Nifty has slipped below its 200 DMA. Which could lead to further weakness towards 15,000. While 1800 is the intermediate support level. A bounceback can be expected from the 15000 level, but the Nifty will only move forward if it manages to cross the 1500 level. If the Nifty breaks the 12000 level, the worst case scenario could be 12000.

The Bank Nifty has also slipped below its 200 level where 20 is the next important support level. While 5,000 is the next major support. You have to cross the level of 200 to get strength on the upper side.

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