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NIFTY DAILY - BULLS STEPBACK

As  said in my previous post, rally is exhausting  due to lack of vital triggers.today markets opened gap down following negative global and Asian cues,the markets were in a continuous effort to give a pullback,but failed and closed at 5275 losing  45 points on the cards.The overall market breadth stood undoubtedly  favoring bears with 448 advances to 1040 declines.Still the markets managed to close above 5270 keeping live prevailing sentiments.
                                The nifty is  currently trading above the the 20 HMA .But the oscillator is trading with a negative crossover making us due for correction.Amid  weak sentiments ,markets might  settle down approaching support levels in anticipation to close the window.Since this rally is driven by weak forces,we can look forward  for the gap to close.But the momentum indicator RSI is trading above the 50 levels deferring us from panic.
                                    The big picture is still looking positive.the ADX is  trading with decreasing levels suggesting weakening trend.above 5270 bulls will remain live,but a close below it  will result in slaughtering .

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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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