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Nifty may face a strong resistance near 14,250 which is capped under 21-day EMA. On the lower side, support can be seen at 13,700.

January 28, 2021 / 07:00 AM IST
 
 
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Nifty had been trading above its 21-day exponential moving average (EMA) since November 3, 2020, on the daily timeframe. But on January 27, 2021, the benchmark index witnessed a negative opening below its 21-day EMA tracking weakness in global peers and witnessed selling pressure throughout the day.

Since November 20, prices had been within a rising channel pattern but on Wednesday, the benchmark index witnessed a negative breakdown of a rising channel pattern on the daily interval.

The breach of 21-day EMA along with a cluster of channel pattern breakdown indicates Nifty may trade with a bearish bias for another few trading sessions.