Nifty rallies to settle at 5784 - Aditya Birla Money

NIFTY opened on a positive note and rallied almost continuously to settle at 5784, with a gain of 86 points last session.

With this index has settled just above the key 8-day EMA however there is no convincing indication of a turnaround in the daily RSI (14) and MACD (12/26/9) yet.

Hence price sustenance above 5780/5800 seems doubtful and index could face selling pressure and turn lower towards its recent low of 5664 in the coming days.

Failure to see selling pressure in the session ahead would indicate that a short-term bottom has been put in place at the recent low and further gains towards next resistance near 5900 in the week ahead.

Sustenance above 5780/5800 seems doubtful and index could face resistance and turn lower towards 5660 in short-run. Failure to see selling pressure in session ahead would negate the scenario and continue to keep sentiment positive towards 5900.

Source : Equity Bulls

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