Nifty Dec Fut, on its EOD formed a Doji today, which suggests an indecisiveness of the trend. Stohastics and MacdH suggest a likely exhaustion of the downtrend or continuity of consolidation.
However, 5 and 20 EMA have given a negative divergence on daily chart. This crossover will confirm its potency only if Nifty manages to breach todays low of 5009 in the coming session.
In the wake of food prices inflation nearing a record 20% mark for the week, and weak global cues, after the Federal Reserve indicated it would start pulling back some emergency supports as the economy improves, I believe that the coming session will witness an importunate selling pressure by the bears.
The levels that we can look out for are, below 5038, Nifty may test 5012-4975. On the upside, above 5040, it may test 5071-5103 levels.
Trade safe ... Happy trading !!
Disclaimer: The said technical analysis is a perception based on various charting methods. Trades on my opinion are to be done solely at your own discretion.
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It is very nice to see comment on Macro Economic good one keep it up
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