The Nifty closed in the positive today, up 44 points at 5780. Over the next couple of days it is expected to trend down till 5700. In this period the key support will be at 5700 and resistance will be at 5823.
From the Nifty stock futures, Unitech and Hindustan Petroleum Corporation 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 61.8 percent of the rally to reach 5550 levels. The short-term bias for the Nifty remains negative for a target of 5510 with reversal around 5940. The medium-term outlook remains positive because the Nifty has retraced 61.8 percent of the previous rally from 4770 to 6229. The momentum indicator on the weekly chart has also given a positive crossover.
On the daily chart the index is trading around the 20-daily moving average (DMA) and the 40-DMA, i.e. 5806 and 5752 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. 5791 and 5823 respectively, which are crucial intra-day levels. The hourly momentum indicators have turned positive. The market breadth was positive today with 864 advances and 495 declines on the National Stock Exchange.
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Resistance for Nifty at 5823: Sharekhan
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