Nifty is still bearish and has a potential to go down further (caution : nifty is also oversold at these levels). As shown in the chart if unable to break and sustain above 5750 nifty may test the lower levels.
5750 is the level from where nifty bounced back on 27th Feb 13 forming V shaped recovery but could not cross the gap which which was created on 26 th Feb 13 ( near 5836) and fell heavily yesterday breaking 5750 (last hope for bulls) which triggered blood bath.
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