ipuneet

Nifty - closed a tad below trend line, weak on indicators.

Short
NSE:NIFTY   Nifty 50 Index
I am sure you remember this chart, the supportline has provided support to Nifty during earlier fall, last week. Today's closing is a little below this line.

Nifty RSI on day chart is below 50, Nifty closed way below 20 DEMA and a tad above 50 DEMA , which is placed at 12088.

On 9/34 EMA on index n RSI system, there is still some hope, 9&34 EMAs on Index are some 56 points apart, today Nifty closed below both of these, is surely a sign of weakness.

Again today, it was a news based selling, the bad news may continue to pour in....

I am taking small hedged trades at these levels, budget news may make market to register wild movements on newsflow.



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