Nifty found a support around the 5179 price range. This is becoming a strong support area. But Nifty is keep loosing its momentum which continuning since last 1 month.
Today again we had a strong weakness in the market. looking at the negative momentum in the market, I would expect market to break down March 7th support in next couple of days and then break through that support and go much lower .....
Overbought-oversold ratio is also has a sharp negative move in last couple of days .... this is a big negative move
Looking at the above, I think Nifty will break the 5167 support and may find little support around 5100 but may find strong support at 4892.. Unless we get good consolidation in this price range for some more days.....
Not a good market to trade until Nifty shows us its direction for next move....
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