In more than a year now since this bull run began the Nifty has not violated its 20 day weekly moving average (WMA) which comes in at 8100. That all changed recently where we broke and closed below the 20 WMA for several days and are just below that level now. The breach of this level to the upside suggests some strength ahead. If this level acts as resistance there could be trouble ahead and a major change in trend could emerge with the 20 WMA acting as major resistance going forward. Chart courtesy StockCharts.com.
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