Consolidation between 5638-5710 continued within the flag with the Nifty testing the low made yesterday at 5638.The low has held and raises hopes of an upward breakout level which is at 5689.The levels to watch therefore are 5638-5689 for tomorrow.Only a breakout will give short term direction.Else the lacklustre movement will continue.
Half hourly charts look mildly weak with the uptrendline being broken retested and the fall resumed.The 63 ema which was good support has been broken and Nifty closed below it.The fact that bulls did not take advantage of the flag breakout and were overwhelmed by the bears indicates it may be advantage bears now.
Fibonacci supports marked
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