Tech view: Nifty testing weekly support

The Nifty has once again registered a lower high and lower low on the daily charts. The index yesterday closed at the lower end of the bollinger band close to 5791.

Going by the current trend, further fall seems warranted. However, the Nifty is testing its short-term (20-weeks) support on the weekly charts around 5775, hence one can expect some support there.

Today, the index may find support around 5750-5735-5720, while face resistance around 5850-5865-5880.