Nifty daily chart analysis

• Nifty's daily candle yesterday ended in red showing some weakness.
• But one look at the 5 DAY high ema will give the bulls confidence yesterday although a negative day still managed to close above the high ema.
• Now as nifty is trading close to the recent high's one should expect some correction. Global markets mostly ended in red yesterday.
• Dow Jones closed below its 200 DMA yesterday after holding on to it for 5 days. So if it does not come above the 200 DMA tonight one can expect good correction in US markets. Nifty may not look as weak as Dow Jones but since Dow is the leading indicator for world markets if it goes down it will be negative to range bound for nifty. 
• Dow jones end of day analysis