Bias were negative last week. Daily price close below 50 day moving average and weekly price close below its previous week closing price so our view are negative. The entire leg of previous fall from 6226 to 5666 was in five wave formation and the reversal wave from 5666 seems three wave formation so assume that bounce was corrective in nature and current fall from 6093 is in progress. 200 day moving average is ahead at 5852 may create hurdle for nifty. Any consecutive two close below 50 day moving average will bring more red on chart. Our view will be negative until nifty bias remain negative. Advance decline ratio is making new low over all breadth are weak. Economics news and Reserve Bank of India monetary Policy on 30 july will bring volatility in the move in the week ahead. besides RBI's monetary policy news from other central bank from across the globe will also bring volatility in the move of market. A move below 5650 may create panic selling in the market. Trade cautiously towards short side for the target of 5800-5750 with stop at 5950 on the closing basis.
