NIFTY Daily Analysis

• Bearish Engulfing did not get the confirmation needed. Bears need to see how the day closes today.
• Price managed to close below 5 Day Low Ema. But one thing to note here is that price is closer to the lower end of the range so bears need to follow up by taking price below 50 DMA otherwise this may end up as a buying opportunity.
• Price has finished 38.2% Fib level retrace, Unless this level breaks we may not see much downside. If price stays below 38.2% next target is around 5467.
• Lastly bears are staying below 20 Week moving average and today being the last day of the week they will try to keep price below 20 week moving average Bulls will be trying for the opposite.
• 5 Day Low Ema @ 5548
• 50 Day SMA @ 5507
• 20 Week SMA @ 5594 (Values as of yesterday)