5950-5970 is a very key support zone for Nifty Futures. Going below that would imply short term weakness for the market. It would set off a pattern of lower tops and lower bottoms for the short term. Keep a close watch on this zone.
Also yesterday FIIs sold approx 950cr in the cash market. Keep watching FII activity closely.
well NIFTY 6000 is 50 DMA. so it all probability NIFTY will close below that next week. So isnt 6000 more important than 5950 ?
ReplyDeleteIf you do a back best- how has NIFTY performed when it closed below 50 DMA,the results are not pretty.