NIFTY SHOW

Nifty closed in green with considerable gains of 49 points.The overall market was positive with 776 advance to 684 declines. Inspite of the gains nifty could not cross 20 and 40 DMA levels and  has closed below it for this week.Markets have been posting a negative close for the fifth consecutive week.On daily charts nifty has formed a bullish harami pattern,but how much the pattern will work is matter of chance.Markets as of now are looking both ways unless breakout on either side side is confirmed.
                  For this week the nifty successfully sustained above the 200 DMA,the violation of which will open up the downside alternatives.After violation on the downside nifty is expected to find support at 5080 levels which is 50% retracement levels of the prior bull move .If this levels is violated on closing basis then bears seem to takeover the control on nifty and are expected to ride down sub 5000 levels.
                                       MACD is on the verge to cross the zero line generating more bearish concerns.The momentum indicator RSI is below sub 50 levels adding to the current scenario.In such a situation any speculation about  the markets is a very very difficult task Hence speculatin anything would lead to nothing fruitfull.Hence let the markets decide where it wants to go.In next week it might be able to make its way,following which we will act acordingly.