Nifty has closed below 5 week average showing the weakness. Once this channel support breaks, larger correction may set in.As monthly too is in "OB" with week reversing from OB, the falls are likely to be sharper once it is confirmed. Market may throw us a surprise in the very short term but the upsides look quite limited with these kind of deteriorating technicals.
We are at cross roads here with 4905 and 5100(5060) as decisive break out points.(Allow for some errors +/ - 25 points) Selling into strength has been rewarding thus far in the past 1 week. Now, once the support levels break, holding may reward well.
This Tech. table & the pivot points have guided by showing the "creeping bearishness" into Nifty. With weekly macd having turned down, it is a matter of time before Nifty falls big..
We are at cross roads here with 4905 and 5100(5060) as decisive break out points.(Allow for some errors +/ - 25 points) Selling into strength has been rewarding thus far in the past 1 week. Now, once the support levels break, holding may reward well.
This Tech. table & the pivot points have guided by showing the "creeping bearishness" into Nifty. With weekly macd having turned down, it is a matter of time before Nifty falls big..
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