After a long time the much awaited Bearish 20 EMA and 5 EMA crossover happened once again in Nifty.Which indicates that markets will be completely in a bearish mood atleast for a week. So any rise in a short term should be used as an oppurtunity to short this market.
20 EMA : 2851
5 EMA : 2850
If 5EMA>20 EMA ( Sentiment : Bullish)
If 5EMA<20 EMA ( Sentiment : Bearish)
Few Negative Factors
1)Twiggs Money indicator for sensex is at resistance
2)India Index ratio(Nifty/Shangai Composite) declines to 1.21 which shows that our index performance is getting weaker when compared to chinese index
3)10 day SMA of TRIN is in rising mode but still not crossed above 1. Crossing above 1 will be bearish once again
4)Daily RSI is near 10 and declining shows selling in action even at oversold levels
5)Bollinger Band Supports for Weekly charts comes near 2550 levels. In short term market are focused towards 2550 levels.
Few Positive Factors
1)Bollinger Band Supports comes near 2630-2670 levels from Daily Charts. Market could take supports on closing basis on near term