NIFTY WEEKLY CHART
Currently Bharti is in short term downtrend but it has taken support at the above shown trend line. Wait for closing below trend line that is below Rs.396 and take short position for a target of Rs.380-370 stop loss closing above Rs.396.
Yesterday Nifty has closed below 5200 level which indicates that bulls are dominated by bears. Nifty closed at 5118 and now the earlier support 5200 will act as strong resistance.
One more interesting observation is 50 DMA has turned red and it is dropping. In the above pic you can see that it gave a buy indication around 4000 and now it is showing sell indication. Now the question is ' Is this the beginning of a downtrend?' .
It would be too early to comment , but I can only say use every upside rally to exit long and initiate short positions.
Bharti
Disclaimer: Above mentioned calls are based on my understanding about technical analysis. Please do your own due diligence before taking them.
