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NIFTY SHOW

The nifty closed in negative shedding 61 points and  will continue to trade lower in coming days . It has violated the 40 DMA on daily chart and closed below it.nifty would find an immediate support at 5175 levels i.e. the 200 DMA levels which remains the last hope for the bulls.The overall  market breadth  remain negative with 455 advances to 1019 declines.In coming days if nifty fails to trade above the support of 5175 zone then the bearish alternatives will open up and nifty might go upto 5080 zone which is 50% retracement level of the previous bull move.
                              Although on daily charts nifty has broken 20 and 40 DMA levels respectively on weekly charts 20 and 40 WMA still remains intact.On daily charts the momentum indicator RSI has entered below the 50 levels supporting  a bearish environment

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