Nifty - Ball Is In Bear's Court

Nifty (CMP: 6122.9) - The action formed a strong negative candle with high volume which indicates bears are active. Technically, the index has breached 61.8% retracement level of recent falling leg which is placed at 6195, but it doesn’t sustain above that level and fallen sharply which indicates selling pressure in the market.  Now the index is heading towards 6010 – 5970  - 5900 levels for short term. An addition the index has given trend line broken down on the hourly chart as well as trading below 20/40 Hourly EMA which confirms trend is down.  The daily & hourly oscillator’s has given negative crossover which sign of weakness.

Recommendation: Investors may sell Nifty at the current levels as well as on rise at 6140 – 6160 zone, with a stop loss at 6215 (closing basis) and for the target of 6015 – 5970 - 5900 levels.