Nifty

Highlights

Open Interest decreased with fall and negative candle which indicates unwinding of long positions on net basis. Trend line break down has been witnessed with higher volume. Yesterday we had indicated to traders can wait for conformation of next close above 5272 for conformation of engulfing bull, now the bull lost its momentum.

Trend

The Trend again changed to Downside with trend line breakdown and higher volume, Trend follower can sell on rise to 5236-5259 range with stop loss of 5275.

NIFTY JANUARY

Nifty made another lower top, Trend line and Triangle break down has been witnessed with higher volume.

Traders can sell on rise to 5236-5259 range with stop loss of 5275; intraday & Trend trader can cover short 5197-5177 range. Trend followers can Re-enter on fall below 5175 with high of the day stop loss.