Nifty (5452) has closed positive +13points after making a double top around 5492 and corrected till 5372 and bounced to close positive with 20DMA 5426 forming important support. Rising Wedge formation has been broken and a throwback also has happened and till Nifty is not able to close above 5525 on 3-4days closing basis then rising wedge in rising market could have negative implication as rally enter 13th week from low of 4786 which is important turn as per Fibonacci calculation, this market looks weak technically and weakness can be confirmed only below 5350. Breaking below 5350 we can possibly see 5200 & 5070 on the downside. Nifty long term moving average supporting market 200DMA which 5136 and 100DMA is 5248 without close below 5300 for 2-3days major weakness not seen. Nifty is trading in a channel where in previously 3example shows that nifty every time has corrected 12% which gives a Target of 4840 on the downside. National Stock Exchange volatility index ended on Friday at 16.74 – the lowest level on closing-day basis since its launch in April 2008. The VIX moves down when investors' confidence levels are at high level and rises when fear grips.
* Below 5350 on closing basis Bear Market would knock your door
