Nifty Hourly Chart
Nifty Daily Chart
Nifty daily chart if we see the Trend line Breakout happened and Nifty is again unable to close above the trendline making it clear that selling pressure which is visible on upside. Every rise is sold into.
Bear market rallies are Sharp and Swift and takes everyone by surprise like the rally on last Friday, In first 15 Mins of trade we were up 1% which is a surprise rally.
On Daily charts we have done the bearish crossover of 20 SMA and 50 SMA which has bearish implication pointed on Chart.
Last time the Bullish Crossover happened at 3429 and we saw a very good rally till 6311 now we are seeing bearish crossover which can again bring us down till 5100 in short term.
I will not speculate for Long term targets because we need to follow system and not speculate on levels.
Nifty is closing below 5 Week Low EMA@5508which is again a bearsih sign.
Always Trade keeping Higher Time Frame in mind. Weekly is still bearish so we are into Sell on Rise.
Nifty Trend Deciding Level:-5476
Support:- 5433,5403,5365 and 5350
Nifty Last Expiry Happened at 5785 and This Expiry Low was 5401 so a difference of 384 point.
This Expiry close should be favouring bears as we are unable to cross the 5593 Level(5401+(384/2)).
So Bulls will have to liquidate there positions around expiry which will give the selling in Index.
Watch out for 5593 Level before expiry.