Technical updates on Nifty and Bank Nifty

Nifty weekly chart

Nifty has closed below 5900 on Friday's trading session. It has closed at important support level. As per trend indicators in daily chart short term trend has turned negative  and it will remain down as long as Nifty is below 6000.

Bank Nifty weekly chart

Bank Nifty is under pressure and it is expected to test trend line support which is at 12100. Since it has closed below support at 12400 medium term trend has turned down and reversal will be closing above 12800.

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6111
Reversal if closes below	5800

Thought for the day

 

“The challenges in our lives are there to STRENGTHEN our CONVICTIONS. They are NOT there to run us over.”  - Nick Vijucic