“We are of the view that, 20-day SMA or 21,500/71,250 could act as a sacrosanct support level for the traders. Above the same, the pullback formation is likely to continue. Above which chances of hitting 21,720-21,760/71,900-72,100 would turn bright. However, below 20 day SMA or 21,500/71,250 the selling pressure is likely to accelerate. Below which, the market could slip till 21,400-21,355/71,000-70,800,” said Shrikant Chouhan of Kotak Securities.
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