Yesterday Nifty crossed the 200-SMA at 8286 levels, but on May 5 freshly small peak before 8356 has stalled. Nifty 134 points or 1.63% yesterday gained spectacular. 8333 was the day's top level, i.e. May 5, 8356, only 23 points behind the last peak. After the index rose 134 points, only 23 points to go up in 8356 to overcome the reluctance was why? Such reluctance Nifty to decline during May 07 to 05 the chance to return the lost much faster. Last fall faster return would indicate technical strength.
Well, just Google the 200 SMA (8286) again crossed. With nearly all day yesterday 10 SMA (8225) is made up of, in 8225 was the lowest level of the day. But yesterday's closing level of 8325 to 7997 from 8845 as Google's recent decline of 38.2% on 8321's level of return. Google maintains positive trend today 05 May 8356 exceeded the peak takes 50% return of the fall of 8845-7997 (8421) and a 61.8% return (8521), the next target is understandable.
But today the international signals the start of the Indian market is expected to be slow. So, it would see how Nifty after early pressure and is able to move above 8356 or not. If it failed to do so for the coming days on the 8356 barrier will become more important.
In the next few days, the Nifty crossed this hurdle could be heading for 8421 and 8521 in order to move up there will come close to the 50 SMA. SMA 50 is still slightly down on 8569 is coming.
