Nifty is in bear trend, last two weeks Nifty lost almost 350 point after it reached the level of 6100, where last week has contributed 208 points in this fall. If we apply Fibonacci Retracement on recent move, then Nifty halted on 78.6% last rise. Market momentum is getting weaker; Stochastic on daily time frame is trading in oversold territory and suggest some technical pullback, whilst on weekly basis, still there is lot scope for further downside. Relative Strength Index depicts underlying weakness in prices. So next week if market break the support at 5650 will lead to reach level of 5550- 5620, we can expect technical bounce from 5550 levels. So trade cautious, be stock specific and keep eye on rupee value and global trend.
Positional Immediate support for NIFTY is 5640
positional Resistance for NIFTY is 5846 5866 5867 5875 5879 5905 5922 5926 5928
Intraday Resistance of NIFTY are 5739.7,5791.2 , 5791.6, 5807.3
Intraday Support of NIFTY are 5615.9, 5564.5, 5565.4, 5549.9
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