Nifty - losing strength ???

The Nifty fell a hefty 108 points after opening in down gap of about 30 points. While it held on to it's intraday support level of 2820 for some time , eentually it gave way and continued to fall throughout the day.



The Nifty has not been able to cross 2900 for the past 15 trading sessions which is worrisome.I presume one can now become overall positive for the short/medium term only on Nifty breaking this 2900 barrier.

The daily charts did not 'confirm' the RSI mid-point crossover and has given a negative crossover today. Using filtering, traders may sell. ( Filtering concept is explained in my book).

World markets are driving negative sentiments and i expect that a close below 7900 on the DOW JONES can trigger further selling in other markets.

Watch out !!

CA Rajiv D Khatlawala.
Head Research and Training
Jhaveri Securities Ltd.