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NIFTY OUTLOOK

Nifty posted a loss of 56 odd points on the cards.The markets clearly reflected weakness also the markets seemed exhausted also were trading in the overbought zone for few days ,taking  all this into account Nifty was due for a correction also the charts were reflecting the same story.The price chart made a new high but the indicator MACD failed to do so alerting  a mild divergence.Markets halted and reversed perfectly from 78.6 % retracement level.
                                       From past few days markets have corrected fairly and are now approaching 5200.Here Nifty is likely to end the corrective phase,sine it has a strong support at around this levels and approaching this level will ultimately close the window opened previously.Bouncing from this level markets are further expected to rise higher to 5600.
                                 If in case market fails to hold 5200 then bearish alternatives will open up and it will further head towards 5050 level..Considering the overall picture it doesn't seem that market will break 5050 level at ease,strong negative global wind-blows, huge policy disappointments, political instability likely to fuel violation of 5050.
                          I feel this week might bring some relief and we would be able to see some revival in the market.Nifty could consolidate and head upwards in coming days

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