NIFTY SPOT TECHNICAL OUTLOOK

NIFTY spot currently trading at 5870.75, recently it has broken 9 month old rising trend line. Today nifty opened with gap in direction of preceding move and today’s trading session is last trading session for current week. Recently it has placed key resistance at 5970 and bulls need to hold that level decisively to claim their presence. Stability below 5970 remains supportive for nifty bears and it has the potential to move further down side. Areas of 5800 are looking strong support and failure of this level would offer 5550 as primary supports. 14 periods daily RSI has been trading in bearish territory while failure below zero line with bearish cross on MACD hints a strong bearish momentum.

Recommendation: Selling nifty between 5890-5930 with closing basis stop loss of 5978 for targeting 5820-5660-5550 might be appropriate for short term.

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