Nifty, in "Trading mode", the lower most range for the day as per "Trading mode"is DLEma less 30 which is 7630-7600. Breaking & sustaining below it would bring the downward momentum.
Nifty has closed below the key ST (20)avg:7671.
Nifty has its key MT(50)avg:7609.
Hour T/A have turned down & prices are heading towards WLEma-7535.
Hence, we look for a fall towards , preferably till 7535.. Holding below 7695, downtrend continues...
It is a trader's market once you have started to see 3's & 4's.
Day technicals continue to be vulnerable with trend indicator moving down below its trigger and poised to move into negative territory and so is Relative Strength Index.
The broadening top pattern is at a crucial midpoint (wherein lies 50 dsma too) from where it has the potential to reverse. Hence, one should be alert, also being last day of the week, for a reversal possibility, though all the T/F trend is "Down", namely week, day & Hour..
Gaurav Sehgal sent last night "Albertson" chart which resembles Nifty, having a broadening top, breaking down below and then recovering...Today's global cues seem to tilt it towards Down..