According to Dhiren Sarin, Technical Analyst, Barclays its not just the Nifty, but most Asian markets are looking vulnerable in the short-term.
It has been a difficult week for technical analysts in terms of making money because of the huge volatility in market. Yesterday also the Nifty closed below that 5900 level. Rahul Mohindar, viratechindia.com is bullish on long-term on the Nifty chart.
In the last month and a half we saw that for the Nifty to cross 6100 level is very difficult. It attempted for that various times and it is taking incremental dollars to move the market higher. In an interview to CNBC-TV18, Atul Badkar
"Market has been going up on a very poor breadth, thus I have been expecting the market to resolve bearishly for the medium-term to long-term picture", says Jai Bala of cashthechaos.com in an interview to CNBC-TV-18.
It was a quite but a solid start to the week. The Nifty did not look in any danger of a big correction today. It started closed with modest gains. Just in the middle of the day there was a period where it looked like it would give up most of its gains but that got arrested towards the end.