Nifty Chart Review

Nifty ended its two day wining streak on Friday mainly after the news that Franklin Templeton mutual fund would close down its 6 debt schemes. This created a panic among the investors amid concerns of an upcoming economic slow down. The selling was led by the top financials- HDFC twins, ICICI Bank, Bajaj Finance.
Nifty witnessed selling near 9300, which has considered a crucial resistance.Momentum indicator RSI shows a weakening trend. For the coming days Nifty is expected to remain in range of 9050 to 9150. A break below 9050 would take Nifty towards 8890-8900.