URAD FAQ MUMBAI- Last Close- 3700: Still In Bear Market –Support around 3500
Daily Chart with long term Averages
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The trend is down as can be seen from the chart as closing are below blue and pink color 55 and 89 variable averages.
Further 55 VA is Below 89 VA which suggest down trend and bear market.
The last bottom of 3500 will be tested in near term to short term.
On sustained fall below 3500 expect a fall to 3050-2850.
Recovery if any has to come from around 3550 levels.
Conclusion
Downside level of 3500 is likely to be tested in near term to short term.
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