NIFTY closed at 5891.75 today. NIFTY daily momentum indicators are trading in overbought condition but Weekly indicators are yet bullish on the market which means that there might be small correction of 50-100 points with 2-3 trading sessions. On daily charts NIFTY is trading above all the moving averages and at the same time we just saw crossover of 20EMA over 100EMA and 50EMA cross over 200EMA which is a bullish sign, on the other side 5weekEMA crossed all weekly EMA’s which suggests a strong weeks on NIFTY. AS per the Fibonacci Retrenchment drawn on daily NIFTY of last one year the nearby resistance level is 5937 and NIFTY validated it yesterday and day before. Even the resistance trend line (which was a support line as for trend since 2009-Jan 2011) intersects Fibonacci at 5937 level which makes it a strong Resistance level for next few sessions. Hence we might see some correction to the current bullish market but it doesn’t seem to long. With the Mid-Caps leading the race market seems to cross 6000 level mark once it crosses 5937 on closing basis.
NIFTY levels:
S-5862 R-6037
S-5767 R-6082
S-5646 R-6165
S-5608 R-6285
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