Nifty support @ 5343

Nifty is heading towards a crucial support level of 5343. Its a long term support and Nifty may witness some bounce back from this level.

IT stocks - Head and Shoulder

CNX IT has formed a head and shoulder pattern on weekly chart. This is a bearish pattern and if the indices falls 2-3% below the neckline, the IT stocks may witness selling pressure. The volumes too have been dwindlnig since the formation of the left shoulder. This also confirms the reversal move.

Nifty found crucial support

Despite correcting for a major part last week Nifty still managed to close in an upward channel. Though, market scenario is getting pretty volatile but still Nifty may not move down from this range immidiately.



Despite heavy selling of the past week, Nifty is still moving in an uptrend at weekly level. This indicate market is still finding some strength to close at crucial support level.

Nifty in a correction mode

Nifty slipped further today and closed even below its 50 DMA. It was a sharp down move. The MACD too has slipped below positive range. Let's see if pullback rally happens tomorrow. The gap while going up still exists.

Nifty below 200 DMA

Nifty has slipped below 200 DMA and may now target 5600 level.