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NIFTY DAILY - BULLS SLAUGHTERED

Nifty shed 71 points amid strong negative global cues and a thunderbolt from  negative Infosys guidance.The  broader market fired the bulls with 479 advances to 971 declines.The gap down opening  was presumable sighing global cues,but the weak  IIP numbers and infosys guidance further dragged the nifty to the lows.
                                                                                                                                                           The Nifty has formed a doji on the daily charts ,well this could be taken as  a short term reversal .hence i feel  that the markets are likely to head downwards to attain support.till then we may see more cuts appearing ,the rally we witnessed was not supported by strong fundamentals rather it was more sentiment driven making it futile to bet on it longer.
                                    The technical indicators are also weakening,the MACD is about to give a negative crossover,whereas the Stochastic oscillator is already trading  with negative crossover after reverting from overbought levels.The scenario has not turned worst nor there are any such indications ,it is just that markets are trying to adjust themselves to overall  picture.

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