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Nifty gave star candle pattern on Friday, which has a potential to turn Evening Star, if Monday market gives weaker close. Nifty is still holding above its 200 day moving average. Nifty has already created major gap between 5700 and 5750 which is not filled yet, again on in last trading session (Friday) nifty created one more gap from 5848.20 to 5889, but in an intraday partly gap was filled and now there is gap of only 10 points i.e. from 5848 to 5858. RSI on daily basis is giving initial signs of weakness, and going one degree lower, on hourly time frame we can see Negative Divergence setting in. Nifty has a potential to turn weak from Monday onwards. On the way down, Nifty has many supports coming in to hold the prices, so it is less likely that we get smooth downward rally. trader has to keep watch on 5850 level, than it is the first sign of weakness, and opens the door till 5750, and subsequently how market unfolds. In these market, traders has to play smartly, as current phase will not allow you to churn money quickly. Rupee trading at 61.07 versus US Dollar and crude trading above 100 at 103.49 so now bull hopes on upcoming results and reforms by the UPA government. Still 7750 seems good support. Bears can active only below 5750. Below 5750 bears can lead to 5710 or 5690. So Monday the first resistance for nifty is at 5885-90 level. The trend is slightly in bull side but a move below 5832 is not good. On upside intra resistance are at 5890, 5910 and 5930.
Positional Resistance for NIFTY is 5914 5936
Intraday Resistance of NIFTY are 5900 5930 5984 6000
Intraday Support of NIFTY are 5835 5804 5750 5740
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