The Nifty opened on a positive note but soon started to slip forming lower tops and lower bottoms. On the hourly charts the Nifty has broken down the bearish head-andshoulders pattern and is now targetting 5787 with reversal placed at 5930. The Nifty is finding resistance around 5940 from the trendline drawn from the high of 6335 and lower top of 6181, which now remains a key hurdle going forward. On the daily as well as hourly charts the Nifty has taken off the trendline drawn from the previous two peaks which was placed at the 5620 area, which should now act as the strongest support in any short-term correction.
On the hourly charts, the momentum indicator is in sell mode and is trading below the zero line. The Nifty is trading below its 20-hourly moving average (HMA) and its 40-HMA, ie 5889 and 5871 respectively. The market breadth is negative with 349 advances and 1,036 declines.
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