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Nifty precariously placed, may breach 200-DMA

Nifty continued to weaken further to the third consecutive week wiping out all the weekly gains. Nifty and Bank Nifty both stayed put in the Lower Top Lower Bottom structure. Nifty is precariously poised above the 200-DMA of 10,100, while Bank Nifty too is managing to currently hold above its yearly mean of 24,500.

The weak structure will be negated only if Nifty manages to break above 10,480 mark, till then it is advisable to remain cautious with long positions. Bank Nifty resistance on the upside is seen around the 25,000 zone, the area from where the index has reversed twice in the recent past.

The Nifty Metal index too has further weakened and has seen follow up selling pressure. It is the second consecutive week of selling, which confirms the rising trendline breakdown further.