9:22 AM
Unknown
NIFTY tested the resistance zone of 5520/5545 initially
however pared its gains and settled at 5517, higher by 35
points yesterday.The 14-day RSI is positioned just below
the neutral zonewhile the MACD (12/26/9) is trending down
and is belowthe zero line.
Although prices have seen a bounce back from the
channel support of 5450 over the last 2-3 sessions the up
move appears corrective and is lacking momentum.
Hence the index is expected to face stiff selling pressure
near 5550 levels on any further gains and remain subdued
towards 5450 and then 5400 (61.% retracement for the
rise from 5196-5740) in the forthcoming sessions.
Only a decisive close above 5550 levels could invite a
notable upside recovery in prices negating the expected
weak tone.