See negative trend in Nifty below 5930: SPA Research

According to the report by SPA Research, Short-term trend for Nifty is negative below 5930. On the other hand intermediate term trend is negative too below 6030.

With the fact that spot nifty failed to move above the resistance around 5920-30, we expect market to stay corrective (only a move above 5930 will indicates any possbility of short term trend reversal). Spot Nifty closed at 5896 down by 36.00 points or 0.61% and Sensex closed at 19497 down by 110.90 points or 0.57%. BSE Midcap index was down by 95.68 points or 1.43% to close at 6608 whereas BSE Small Cap index closed at 6583 down by 124.46 points or 1.86%.

Trend Analysis: Short-term trend is negative below 5930. On the other hand intermediate term trend is negative too below 6030.

Momentum Indicators: Among three of our momentum models indicators one is hovering around oversold zone and another is in sell mode. On the other hand the intermediate term indicator is about to generate a sell. Overall we are getting a short term negative view from this model.

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