Nifty -
Monthly - Nifty is struggling to stay above 5385. As of now its forming a bearish harami pattern with inside day pattern according to the western charts suggesting that the price rises any further will need some time. Supports for the index come at 5245 and 5210. Stocs are in buy mode after bottoming up from the oversold zone and macd is in sell mode though its forming lower histograms.
Weekly - After opening higher this week at 5240, nifty has slipped back now to 5318. After the doji made last week, nifty had opened higher but the technicals ensured that the index was to sell off from higher prices. Stocs remain in sell mode and macd is forming lower histograms. Any price rises will be capped.
Daily - Nifty had spent almost 12 days in the range of 5425 and 5325. Now that the index has closed below 5325, with overbought conditions we may go down further in the index. Stocs are in sell mode after turning down from overbought conditions and macd is in sell as well. Moving averages indicate fast fall setup.
Further this week was a major news event week, and the news were used to sell at higher prices since technicals anyways were negative. Hence this market remains a sell.
Be short.
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