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NIFTY SHOW- A TUMBLEDOWN

Nifty closed in red with a downpour of 70 points.The nifty witnessed a flat opening followed by mild buying which encountered  a good resistance at  5300,but failing to cross the resistance,markets initiated a downpour.Infosys quarter results triggered the move downward which was followed by profit booking.The whole market breadth was strong negative with 543 advances to 935 declines.
                                                                                                                      This week ended in red.The nifty closed below the 20 ad 40 DMA levels but sustained the retracement  support.The market is expected to head downward to take support of the 200 DMA in coming days.On the daily chart the momentum indicator has given  a negative crossover .
                                                 We just need to wait and watch for an impending breakout.Intraday positions could be suggested.

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DOJI

Nifty witnessed an absolutely sedate session,the bias looked positive but lacked momentum . The broader market was negative with 665 advances to 808 advances.The rally seemed to take a halt for a day before continuing further.i feel that the rally would take the markets to 5470-5500 before correction.since we are lacing fundamentally the longevity of this rally cannot be counted on.                                                                                                       On the hourly charts we are making higher highs and higher lows keeping the momentum intact,still as advocated a burst of 40-60 points on the nifty is still pending before correction ,i feel this might come tomorrow.Hence adding nothing more to i...
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