NIFTY closed in Red at 5842 as expected. It made a low at 5822 near my suggested level of 5824. NIFTY first hovered around the level of 5862 which was my first support after breaking that it came down to 5822 which was next support. NIFTY now has confirmed a small correction about 100 points from this point. NIFTY confirmed downtrend on daily charts by preparing a red candle after a doji and on the same time on Weekly chart it has created a “Grave Stone Doji” which is a sign of reversal towards down. On daily charts Stochastic made crossover signaling a Sell but it is still in overbought condition while RSI has came down from overbought condition towards down supporting the down trend. Weekly and Monthly Stochastic and RSI are signaling Bulls Strength so strategy on NIFTY can be buying on DIPS. Best Buy levels can be 5795 and 5753 on dips while on uptrend buy above 5937.
Levels for 11th April