MACD shows 71 stocks may have begun downturn

Market experts say the downside pivotal support of 9,390 is still intact and the Nifty50 may find intermediate support around 9,390. The next downside support is placed around 9,360.

The moving average convergence divergence, popularly known as MACD, showed as many as 71 stocks on NSE witnessed bearish crossovers on Monday, signalling a longer bear grip on these counters.

The Nifty50 failed to rise above the 9,500 mark on Monday and closed the session with a bearish candle, suggesting that the Nifty50 may find it difficult to penetrate the string resistance at 9,490 and 9,520 levels, which may act as the pivotal resistance in the coming sessions.

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