Bank Nifty weekly chart
Bank Nifty has made a sharp bounce back in this week. We have initiated long at 11834 and we are still holding the position. This rally is not going to stop in near future.
On weekly chart it has closed marginally above the trend line resistance. In next week if it manages to sustain above the trend line resistance then we can expect more upside rally.
Zinc
Base metals have witnessed blood bath in past few weeks. Zinc has fallen from a high of Rs.118.50 and now trading around Rs.107.50. RSI is in the region of over sold and it has completed 100% retracement. Unless it breaks Rs.107 we cannot expect further fall. We have booked profit around Rs.108 short initiated at Rs.116.50.
Nifty medium term trend
| Trend | DOWN |
| Initiation Date | 29-11-12 |
| Initiated at | 5761 |
| Low since change | 5692 |
| Reversal if closes below | 5990 |
Thought for the day
As dripping water wears through rock , so the weak and yielding can subdue the firm and strong - Sun Heichen
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