I am getting same indications. MACD has started closing down. NIFTY is likely to touch 14D MA at about 5880 and may fall below that. There is a support at 5792.2 (gap on 15th Sep)
I am getting same indications. MACD has started closing down. NIFTY is likely to touch 14D MA at about 5880 and may fall below that. There is a support at 5792.2 (gap on 15th Sep)
It is the momentum and price mechanism which actually works in the market.
So far, the momentum is still bullish while the price has gone range-bound. No major correction is expected till Nifty maintains the levels of 6000 on closing basis.
But even then your assumption was absolutely correct about Nifty being weak for the moment. Whatever tool/software/indicator you are using, is giving correct information about the momentum.