Charts suggest bearishness. Only one indicator is showing some bullishness and all other technical indicators are turning bearish, and signaling the possibility of a further correction. The ROC has dropped it below into negative territory.
The MACD is positive, but has crossed below its signal line. Both the RSI and the slow stochastic have dropped from their overbought zones, and are about to fall below their 50% levels. The Sensex is technically in a bearish zone, and the downward sloping channel will continue to dominate till the index can break out convincingly above the channel.Breach for Nifty Spot of 5142 on downside can take us to 5109 & 5057 levels.
Nifty Spot made a low of 5142 which was the lower end support of the trend line it managed a close at its breakout level of 5169 which reflects some Bullishness. The level of 5169 has acted as resistance on Weekly charts and same acted as support for Nifty Spot which finally closed at 5169.
Bottom line is Possibility of bullishness remains, only if Nifty maintains the low of 5142 for next week then we could possibly see a range between 5400-5142.
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