The Nifty closed in the negative today, down 2 points at 5285. Over the next couple of days it is expected to trend down till 5032. In this period the key support will be near 5118 and resistance will be at 5350.
The Nifty has been forming lower tops and lower bottoms on the daily chart, which is a sign of downtrend as per the Dow Theory. The short-term bias for the Nifty remains negative for a target of 5032 with reversal around 5375. The medium-term outlook also remains negative. The Nifty is trading below the 20-weekly moving average (WMA) and the 40-WMA, 5813 and 5728 respectively. The momentum indicator on the weekly chart has also given a negative crossover.
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