Market status continues to be bearish. Last week, NIFTY tried to push over 5600 several times and failed. On Friday, the Election result induced impulse was contained by the end of the day. The inability to push the markets up is an indication of “Bear Power” still active.
From the chart, you can see that, after the breakdown from the trend line, the pullback occurred for few days. It is now slowly dripping down, which might accelerate in the coming week.
As long as NIFTY is below 5587 (closing basis), it can be assumed to be bearish.
