The Nifty index as indicated on 26th Jan is sliding towards 5972. From 10th Oct 2013 the index is moving in a broad range between 5980 - 6360. Now Nifty is at the lower end of the range. It has critical support at 5972 (previous swing low) also the 200 DMA (Day Moving Average) at 5973. Below that 5920 is Fibonacci support. Decline to 5970 and 5920 is very much a possibility. 5877 - 5850 is the next support.
Having said that, the break of 200 DMA is not a One day affair. We need at least two weekly closing below the 200 DMA to confirm its break.
On the upside any relief rally will face resistance at 6102, 6160, 6190 - 6200 and 6220. It is hard to imagine any pullback above 6220 at least for the week (3rd Feb -7th Feb).
Having said that, the break of 200 DMA is not a One day affair. We need at least two weekly closing below the 200 DMA to confirm its break.
On the upside any relief rally will face resistance at 6102, 6160, 6190 - 6200 and 6220. It is hard to imagine any pullback above 6220 at least for the week (3rd Feb -7th Feb).
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