Bank Nifty weekly chart
Bank Nifty has seen significant amount of fall in past two days. In yesterday's post I had mentioned about reversal of short term trend if it closes below 11900. Today we have initiated short in Bank Nifty. In weekly chart BN has failed to sustain above the trend line which is one of the indications of possible correction and it is likely to test at least previous lows.
ICICI Bank
ICICI Bank is looking weak. If it closes below Rs.1075 it can fall further.
Lead
At this point of time lead is trading at Rs.122.20. If it closes above Rs.121.40 (which might happen today) it will start uptrend . More details for subscribers.
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
However many holy words you read,however many you speak,what good will they do you if you do not act on upon them? - Buddha
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