Close Below 5725, expect 5550

Nifty as on 26 Feb’13 – 5767.95

In last session Nifty opened at 5832 made a high of 5833 and subsequently moved lower, so given both condition for turning bullish were clearly negated and below 5822 shorts were triggered again.

Today’s close is confirmation of bearish undertone. In the Nifty spot chart, if Nifty closes below 5725, than for sure Nifty will test 5550 levels, so also keep watch on Spot markets.

Gradually, momentum oscillators are reaching oversold territory, and also two days are left for rollovers, so undoubtedly there will be high volatility. Play safe.

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