9:24 AM
Unknown
NIFTY traded firm and closed with a gain of nearly 92
points in Friday’s session.
This could delay the weakness expected in the earlier
reports and keep the sentiment mixed to positive towards
the resistance near 5654/5670 (formed by the mediumterm
falling trend line) in the coming 1-2 sessions.
The 14-day RSI is still moving flat near the neutral zone
while the MACD (12/26/9) is below its signal line indicating
that significant top has been put in place at 5740 and
short-term trend is still weak.
Hence prices are likely to face selling pressure at the said
resistance levels and turn lower towards 5497 levels
eventually.
Overall, upside seems limited and index is likely to see
dips towards 5497 in the coming 1-2 weeks. Whether it is
correction for the rise from June lows or resumption of
down trend from November highs more clarity is likely to
emerge from price action in coming days.
However overall trend is still down and index is likely to retreat towards 5500 levels .