Nifty Spot Trying To Sustain: But Fails
The NSE Nifty spot closed at 5363 after opening below 5390 (In previous report, it was indicated as major opening level: if opens above 5390, nifty will move towards 5600). Still nifty spot is above 5 day exponential moving average and it can't be said that nifty is in bearish mood. On the other hand, is we see slow stochastic, it is in bullish phase with good buying pressure. The impact of this situation, price line should go up and break the resistances of 5390/5421. RSI, world's most popular and trusted indicator, shows the strength and closed at 63 which is still showing the up side movement of price line. On this trading session, nifty has same story as indicated in previous report. If nifty spot opens above 5390, index will be favorable for bulls till 5600 level. But at least, once nifty should break the major hurdle and close above that with normal volume.
