SENSEX NIFTY
Feb 22, 2013, 10.02 AM IST | Source: Moneycontrol.com

Nifty may fall to 5700 in near term: Aditya Birla

Aditya Birla Money has come out with its technical report on Nifty. The research firm says as long as Nifty hold the support near 5820 a short-term recovery towards 5920-5950 seems possible, however if the support is breached decisively then weakness could extend towards 5700 in the coming days.

Aditya Birla Money has come out with its technical report on Nifty. The research firm says as long as Nifty hold the support near 5820 a short-term recovery towards 5920-5950 seems possible, however if the support is breached decisively then weakness could extend towards 5700 in the coming days.

Nifty opened gap down and weakened almost continuously to settle at 5852, with a loss of 91 points last session. Currently prices are positioned just above the key support zone 5840/5820 (17-week EMA). Overall momentum in the daily RSI (14) and MACD (12/26/9) is weak indicating weakness towards 5750/5700 levels going forward. However, based on last few sessions price structure and intraday oscillators minor recovery towards 5920/5950 seems possible before witnessing such weakness. Only a decisive breach below the said support zone would continue to keep the sentiment weak towards 5700 negating the recovery possibility.

Outlook and strategy:

As long as prices hold the support near 5820 a short-term recovery towards 5920/5950 seems possible, however if the support is breached decisively then weakness could extend towards 5700 in the coming days.

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To read the full report click here

READ MORE ON  Aditya Birla Money, Nifty

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