NIFTY OUTLOOK

Break out above 5400 seems a failure now which might have its own consequences.

5410 - 5420 looks as good resistance as of now which can be used as Stoploss for shorts.

5 day avg is kissing 13 day avg. Cross over of which may confirm the reversal.

We are trading in a downward channel break of which downside may accelerate the fall.

Lower high lower low pattern is intact since last 6 days.

I expect a faster fall to start by Monday.

The possibility of a gap down opening breaking the support of 5350

breaking the channel support which can accelerate the fall.

Next support is around 5210

Expect weakness if 5350 (weekly low) breaks and markets fail to recover.

Next support 5210.

Levels to watch: 5350-5210

Stoploss for longs: 5350.

For a reversal, I will look for a break of 5350 and confirmation of the same level as a resistance. This will set up a lower top with more downsides.

The 20 day swing is 5210

NIFTY As far as confirmed signals fast approaching the sell mode and is getting too close.

The critical level to watch is 5350.

NEGATIVE :-BELOW 5350,WILL FALL TO 5210,SL-5400

POSITIVE :- ABV 5454,TGT-5500,SL-5350