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NEGATIVE WEEKEND

Nifty closed  in red for the 3rd week losing 37 odd points on the cards.The participants managed somehow to keep nifty afloat short term averages ,helping sustain the momentum. Markets were certainly due for technical correction since the rally was completely sentiment driven.In market where we are lacking strong fundamentals any up-move can be suspected.
                                                                     The charts are showing weakness,but the picture hasn't turned worse,hence in such case betting on the futher levels for the market will be futile,instead it would be prudent to offer markets some leeway regarding its journey ahead.On the daily charts the nifty has sustaind the 40 DMA levels.The weekly chart trades in falling channel where markets are facing resistance around the upper band.On the weekly charts markets are trading above the 20 and 40 WMA .
                                                                                                                     In view of the expiry week ahead the markets are expected to remain choppy,while the expiry is likely to be below 5300.Within the falling channel the nifty is trading in a triangular pattern on weekly charts.The subsequent breakout of which will  help us to tread our further path.The MACD is still trading with positive crossover in the positive territory.While the ADX is running flat indicating vulnerable market strength.
                                                                                                                  Lets see what the next week comes up with.Also as expiry week traders are suggest to trade with strict stops and avoid any unwanted trades.

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