Nifty Daily Chart
Nifty Daily chart post a grim picture we have broken 200 DAM and sustained below it for 2 days.Medium trend charts shows break in trendline from the rally started at 5460 levels to 6100.
RSI is oversold and MACD is also giving bearish signal.Whole street is bearish and looking at the way dow closed and Riots in Arabian countries which can effect the geo-political set up can add more fuel to fire and we can see more blood on street in coming week.
Till 5460 is protected rally can move till 5625 but once 5460 break we can see 5430 and 5380 on downside.Trade with trend
Nifty Weekly Chart
The unexcepted happen market closed below the lower end of Bollinger band on weekly chart which is not at all a good sign for bulls.
From the rally of 2500 to 6300 Nifty never closed below lower end of BB on weekly chart now it is cause of concern as Nifty has broke the weekly trendline channel also which also indicate bearishness.
RSI is approaching oversold region but still selling can be witnessed on Monday MACD is on sell side
Nifty Weekly Pivot:5591
On Monthly Chart we are down 10% for the month of Jan and closed below 5 Month EMA @5717. Monthly charts have been butchered by bears.
Monthly Pivot is at 5254 and resistance at 5717.
If Friday’s low of 5460 breaks than we can move towards 5400 levels easily and if 5460 is protected than we can move towards 5600 levels.
Nifty Open Interest Chart
Nifty Open Intrest shows put biuld up at 5400 and call build up at 5800.
Nifty range is from 5400- 5800 for next week as per Open interest data,short covering rally will come and use it to dump your longs.