Nifty weekly chart
The candle stick formation of before last week was a large green candle which engulfed the previous candle. It gave an impression of possible bounce back at least till the trend line resistance. But Nifty is facing resistance around 5970 and it is unable to break that. Short term trend remains positive both in Nifty and Bank Nifty. Reversal level of Nifty will be close below 5840 and Bank Nifty 11800. Volatility has increased in the market and so the uncertainty. 19th March is the day on which RBI will announce its monitory policy which can decide future direction of Market.
Financial Technology
In one of the earlier posts I had mentioned that Financial Technology has reached 61.80% retracement and RSI is over sold. It was also anticipated that Rs.800 could be the bottom. But it has continued to fall. Financial technology is looking like a falling knife and now it has the potential to reach Rs.690. Lets see.
ICICI Bank
ICICI Bank is in down trend. It can reach Rs.1030 in short term. Below Rs.1030 further fall is expected .
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
True wisdom comes to each of us when we realize how little we understand about life, ourselves, and the world around us.- Socrates
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