NIFTY Daily Analysis

• Nifty is showing bearish price action.
• Price has fallen below the middle bollinger band in both daily and weekly chart.
• Price has given a bearish engulfing pattern in daily time frame.
• But a trending down move may only happen when price closes below 5 day low ema which is yet to happen.
• Bearish Engulfing pattern needs confirmation. A long black candle or a high volume sell offs can be taken as confirmation for bearish engulfing. So in this case breaking 5550 and further breakdown below 5496 can give clues for a breakdown.
• When price breaks 5496 the MACD sell signal may start to work well.
• 50 DMA is @ 5506
• D Day Low Ema is @ 5556 (Yesterday's Values)
• NIFTY - 5 MINUTES HEAD AND SHOULDERS UPDATED