Nifty Watch:- Today Nifty opened at 5766. At the same time Nifty touched its day high at 5775 and then start moving down and touched it low at 5687 and finally closed at 5697 with a decline of 69 points to its day open.
Nifty breaks down its large trading range (5730-5900) and closed below it. Nifty is now at its previous low which is made on April 19 2011 at 5693. It may possible that nifty find its support and move up and it is also possible that nifty breaks down it.
Trend:- Nifty is breaks down its 200 days MA and closed below it. Nifty trading above to its 50 days MA.
Level:- Looking for support at 5600. Resistance comes at 5800.
TA Insync (55-5) is in downtrend. It is moving down at -19.39. This suggests that Nifty may move down also.
Summary:- Nifty breaks down its trading range and 200 days MA and moving down. Buying is not
suggested now, thus investors and traders should wait for a buy signal.
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