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BEARS ROAR ON EXPIRY

Nifty closed in red closing at 5043 losing 66 points on the cards.The  broader market favored  the  bears with 314 advances to 1134 declines.The close below 5070 has open up negative alternatives.The market is expected to slide down further in anticipation to take a support.
                                                                                                We had a very low diet earnings season following painful expiry.Looking at the chart above it is clearly evident that the short term trend has turned bearish reverting from the downtrend-line,now it is expected to take support of the up sloping trend-line.The technical indicator also favor this picture.MACD is already trading in negative crossover and now its entering sub zero level further fueling  the bears.The RSI  is also approaching the oversold region. After falling from 5630 the markets  rose forming a higher bottom but has failed to form a higher high.The MACD indicator has also testified it and is also running in sync with it.
                                                                 Now since the nifty has violated 5070 level on a closing basis negative alternatives have opened up and now markets will trade lower levels in coming session.

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