Week started with the BANG. Nifty crossed 5000 mark and closed at its 18th month high at 5020 levels after making a high of 5036 levels. As mentioned earlier in the last article and on my personal blog (www.technicalsvishaldangaich.blogspot.com) that the Nifty will face resistance at 5013 – 5019 levels. On the first day of the week Nifty closed above the same, but slipped down immediately on the next day itself, forcing Nifty to close below at 4969 levels. Nifty took support at the trendline. For the next 2 days. On the expiry day Markets opened deep in the red zone, but the smart pullback in the late hours helped the markets recovered sharply. Nifty closed at 4986 levels after making a low of 4904 levels in the intraday. But closed higher in the late hour’s short covering. Nifty on the last day of the expiry made a Long shadow pattern at the higher levels. As mentioned in my last blog that the Nifty will continue to face selling pressure. Nifty on the last day of the week, opened negative and continued to be in the red zone for most of the day. Nifty made a low of 4931 before closing at 4953 levels.

Markets corrected a bit as mentioned in my last article. Nifty will continue to face resistance at 5013 – 5019 levels. Nifty close below 4953 will take continue to slip till 4899 – 4857- 4808 levels. Two consecutive closes above 5013-5019 levels may trigger further buy 5036-5071 levels. Nifty will take support at the trendline marked in BOLD. RSI is trending down. Cautious is advised.