Nifty Technical Analysis

• Nifty day could not sustain above 5 Day High EMA and did a bearish engulfing pattern. Relevance of bearish engulfing may not be that much as it has come in a down trend. If price is able to break below 4849 and 4788 we might see this pattern working well.
• Month candle is testing 50 Month SMA. Positional bears would like to see a close below this level to target 4531.
• For bulls strength only if price is able to trade above 5 Day High EMA and 4950 level.
• S&P 500 MONTHLY CHART