NIFTY X-RAY REPORT FOR 21 MARCH

The Sensex closed below 19000 at 18884.18, down 123.36 points from its previous close, and the Nifty closed at 5694.40, down 51.55 points. The CNX Midcap index was down -2.2% while the CNX Smallcap index loosed -2.25% in yesterday's trade. The market breadth was negative with advances at 173 against declines of 888 on the NSE. The Bank index was down by -2.20% in last session and closed at 11254.85. Hindustanunilvr jumped 3.58% highest on nifty 50 group while Relinfra was the biggest looser with -8.91% in last session.

Nifty closed with highly negative sentiment also in yesterday trade down -0.90%.  As per nifty Relative Strength Indicator (RSI), it is at 36 level and indicating that it has more scope to slide. The recent price pattern on nifty daily chart had given bearish signal from 5971 with decreasing RSI towards downside in near term and  nifty has made strong resistance near 5971. Nifty closed below 20 day moving average second day giving negative signal. Nifty is in short term down trend and bearish candlestick pattern has formed on NIFTY EOD chart in last session Prior to pattern formation this Index was in short term downtrend. As per slow stochastic, it is in oversold zone now and reversal may happen any day from here. NIFTY is in sell mode.

Nifty 5700 put highest open interest may give support nifty. Nifty 5700 call added 19 lakh fresh open interest in yesterday's session and 5800 put decreased 21 lakh contracts from open interest indicating volatile and negative move around this level.  Put call ratio is at 0.89  indicating negative sentiment. 

FIIs sold index future worth Rs.362 cores and open interest decreased by 7264 contracts, as nifty future was down by 36 points and open interest decreased indicating that FIIs have started to booked short position in yesterday trade.

LAST   HIGH - 5745  LAST LOW - 5682
WEEKLY HIGH - 5945 WEEKLY LOW - 5682
5 DMA DAILY - 5811
20 DMA DAILY- 5820

50 DMA DAILY- 5921

200 DMA DAILY- 5605

Nifty is in down trend in very short term point of view. Nifty slide upto 78.6% form its previous rise and standing at very crucial juncture. But Nifty has broken triangle trendline towards upside on hourly chart giving a hope that trend may reverse from here but this is not a confirmation. RSI on hourly chart is in oversold zone so giving a hope that price of nifty may reverse from here. As per our wave perspective if this is second wave then it should not go below its previous low which was at 5663 and  should reverse from here. If this is B wave than it may fall below 5630 level also.Today If nifty does not close above 5721 the there would be high probabilities of sliding below 5500 level also. But we have seen falling wage or you may say ending diagonal pattern on hourly chart which is given below along with gann formula indicating trend reversal may happen from current level. SGX nifty indicating 16 points up at the time of writing this post.

Short term stoploss for short trade at 5732 spot price
Target expected - 5630 if broken then 5500.

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