Today market continued its short term down trend and showed selling pressure. Nifty closed below 5800 levels and Sensex closed below 19320 with extremely bearish market breadth, which shows bears are having control at the moment. Market sentiments may remain weak, as long as Nifty trades below 5,860 levels and Sensex trades below 19500 levels.
On the basis of daily charts the prices have breached the upward sloping trend line. Hence in coming trading session, if indices trade convincingly below the 19,257 / 5,780, then they may test lower levels of 19,170 - 19,000 / 5,750- 5,700. On the upside, 19,500- 19,628 / 5,880- 5,900 levels may act as resistance for the day.
If we look at Intraday market for tomorrow, trend deciding level is at 5,800. If Nifty shows strength to trade above 5,800 levels, then rally to 5,840/5,870/5,920 levels may be seen. If Nifty does not show strength above 5,800 levels then selling pressure till 5,750/5,720/5,680 levels may also be seen.
If we look at Intraday market for tomorrow, trend deciding level is at 5,800. If Nifty shows strength to trade above 5,800 levels, then rally to 5,840/5,870/5,920 levels may be seen. If Nifty does not show strength above 5,800 levels then selling pressure till 5,750/5,720/5,680 levels may also be seen.
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