As mentioned in my last blog also, that the markets are looking heavy. Markets continued continued to show weakness and shrinked for another day. Nifty closed down at 5221. 20DMA gave good support at 5200 levels. Markets should continue to see some more correction in the near future. RSI continued to trend downwards. Negative divergence is seen in the MACD chart pattern
Since last few days, I have mentioned that the Nifty is facing stiff resistance at 5300 levels and the Nifty can come down to 5170, close below the same can take the Nifty to 5050 levels.