Nifty outlook for the short term
The Nifty (cmp 5667) closed on a weak note, down 141 points. If the decline continues early next week, the index can move to 5,618 or 5,477 over the next couple of weeks.
A rally on Monday will face resistance at 5,850 and then 5,970. Inability to move above 5,850 will be the cue for investors to play short with stop-loss at 6,000.
Decline to 5,500 or thereabouts will be followed by a recovery.