For nifty yesterday we mentioned a slightly different negative point which was that nifty did not enter the expanding structure are while sensex is still inside it but yesterday nifty made a high of 6070 but could not sustain and again closed below 6021 so now nifty has faced resistance in the area of 6021-6088 for three days in a row which now suggests that we may have seen a lower top formation on nifty chart as on yesterday or in other words no further bullishness unless and until nifty closes above 6088.
For today a move below 5964 and then a close below 5924 will open further downside upto 5835 in the short term.
One must remember that we have had given downside targets of 5595-5565 if nifty is unable to close a week above 6021 but if some technical evidences appear on charts of any possible higher bottom formation then we will negate downside possibilities .
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