NIFTY OUTLOOK

NIFTY had a brush of resistance at 5400 today and has closed in the vicinity of highs. Daily chart is trending bullish but is retracing bearish divergence on MACD Histogram and MACD lines.

Bull power is negligible while market has moved past the current rally closing high of 5354.

There is a likely turnaround in the index moves on the next session.

Hourly chart which had a pretty strong opening into a bullish trend went flat towards closing.

MACD lines are yet to retrace any weakness

MACD Histogram holding above zero indicates that bullishness will continue but would be brief.

At the closing today, we have 63% trendiness on the NIFTY Index.

Value zone has locked much of our open risk on the open long trade.

There is a possibility that Nifty may move to negative territory. Tomorrow's level is at 5370 and SL for longs

NIFTY MAGIC POINTS ARE 5404 and 5353

IF 5353 BREACHED WITH VOL WE MAY SEE 5269-5210