NIFTY OUTLOOK FOR TOMORROW
While a corrective rally initiated by a gap-up opening is quite likely for the day, it remains to be seen how far that is sustained. Nifty opened at 5749 continued forward march and ended in green today .Once it opens higher, say above 5750 00 or so and tries to scale up further, right from the level of 5750 through 5800 there is likely to be quite a strong supply pressure emerging again.....Even if you assume that the bulls would succeed in taking out 5800, it would be an uphill task for them to successfully negotiate an even more powerful supply zone between 5850 and 5950. We would not be surprised if a corrective reverse swing last for 3 to 5 calendar days giving an amplitude of 150 from the bottom.As of now, given the nature of the bearish indications from several indicators and moving averages of varying periodicity, the above estimation is all that we can think of.
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SUPPORT: 5720, 5680,5620