The Nifty closed in the negative today, down 49 points at 5833. Over the next couple of days it is expected to trend down till 5770. In this period the key support will be at 5800 and resistance will be at 5862.
Of the 50 stocks of the Nifty, Jindal Steel & Power and State Bank of India are expected to move down going forward.
The Nifty has completed a five-wave rise from 5118 to 6142 and is now expected to retrace the entire rally till the 40- weekly moving average (WMA), i.e. 5755. The short-term bias for the Nifty remains negative for a target of 5755 with reversal around 6150. The medium-term outlook for the Nifty remains positive because the index has retraced 61.8 percent of the previous rally from 4770 to 6229 and is trading above the 20-WMA and the 40-WMA, i.e. 5822 and 5755 respectively. The momentum indicator on the weekly chart has also given a positive crossover.
On the daily chart the index is trading above the 20-daily moving average (DMA) and the 40-DMA, i.e. 5784 and 5754 respectively. The momentum indicator is trading in negative mode.
On the hourly chart, the Nifty is trading below the 20-hourly moving average (HMA) and the 40-HMA, i.e. 5862 and 5884 respectively, which are crucial intra-day levels. The hourly momentum indicators have turned negative. The market breadth was negative today with 518 advances and 647 declines on the National Stock Exchange.
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Support for Nifty at 5800: Sharekhan
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