NIFTY Slides Below Support

NIFTY Daily Chart Technical Analysis:

NIFTY had a high-speed slide today and broke below its previous support at 5415.

Close & CMP: 5262

Market Outlook:

• The index has fallen with high power today.  It seems like this could fall even further.  Buy any stock with due caution. 
• Support can be expected at 5227 and then at 5110. 
• निफ्टी आज फिर से गिरा है.  और लग नहीं रहा है की वापिस ऊपर जाने का इसका अभी तुरंत कोई इशारा हो.  संभल के खरीदना. 

Technical Indicators:

• A heavily traded day that ended in a bearish Marabozu, and also created an island reversal type of formation. 
• The momentum has just started going downwards and has some distance to travel before it reaches the overbought levels.  
• All this put together is suggesting more fall; maybe its the anticipation to the upcoming budget.

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NIFTY Daily Chart Technical Analysis