The Nifty50 index plunged by more than 1 per cent for the second consecutive day in a row, and it looks like the index officially entered a ‘sell on rise’ zone.Crucial support for the index is at 200-DMA around 17,000, then at 16,800, while 17,200-17,500 will likely act as a hurdle, suggest experts. A pullback could be on the cards as the index is trading close to oversold levels.
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Nifty’s short-term trend seems to have reversed down after a reasonable rise from the lows. Immediate support is placed at 22,300 and the weakness below