#12 Nifty Update

NIFTY was weak today and closed at 5833. NIFTY is not able to break the upper level nor the down side level. Tomorrow being expiry it is expected to be around 5774-5850. We have noticed a one major thing that quarter results are not much affecting Index this time around. Daily Stochastics, RSI and MACD has started showing weakens for the Index. Today NIFTY has created a big Bearish belt hold candle with closing below 5 and 10 day EMA which is a bearish sign for short term. On the other side weekly graph has created Spin body with mixed reactions from indicators and monthly graph still showing strength for the market with Doji confirmation. So to conclude, you might see some short term downside but over NIFTY seems bullish. Buy NIFTY on dips for long term.
NIFTY levels for 28th April:
S-5807   R-5855
S-5790   R-5892
S-5756   R-5908
S-5730   R-5737

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