Nifty closed down 13.00 points (-0.25%) at 5,189.00 as sentiment in the market remain cautious a day after Standard & Poor's cut the country's ratings outlook, traders prefer to book profit Nifty made bearish candle on daily basis with lower shadow, significant increase in the volume with negative crossover in RSI implicate that sentiments are negative and bearishness will prevail below today’s low (5160). Market for the past three trading sessions is in range of 70 points (5,230-5,160) breakout from these levels will decide the trend, Nifty is trading above its 200 Day SMA (5,150) which could act as immediate support for that market. Trading strategy would be to Sell if market resist at 5,220 and Buy if support at 5, 160.
First resistance for the Nifty is 5,239 and next resistance 5,275 and first support for the Nifty is 5,163 and next support at 5,123.
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