NIFTY SHOW

Nifty closed in red shedding 136 points,the overall market breadth was negative with 310 advances and 1190 declines. On its move upside in the morning it managed crossed the resistance  of 5373 levels marginally,from where the bears started hammering the bulls which eventually got worse on its way down.On daily charts nifty has closed below its 20 and 40 DMA levels raising bearish concerns.On its way down it has given all the previous day gains and ended lower ,but has managed to stay above the 5214 levels which is the 38.20% retracement level of the previous bull move
                                                                  Now everybody would be eyeing on the 200 DMA  levels as they be the last hope for the bulls ,if nifty does not manage to stay above the 200 DMA then the bearish alternatives will open up and the immediate target would be 5080 levels .As nifty is trading in a falling channel is expected to trade range bound within the boundaries of the falling channel.
                                                                                     The MACD continues with the negative crossover and is just on the verge of breaking the zero line ,also the momentum indiacator RSI   has already entered below the 50 levels giving more weight to bears. In such an environment nifty is expected to trade lower in coming days.