Nifty daily chart
Nifty has continued to trade in a narrow range. In today's trading session it has reached important trend line resistance. So I will not be surprised if Nifty once again falls down in tomorrow trading session. Best thing to do in choppy market is to stay away from index. However traders can consider selected high beta index stocks for trading.
Bank Nifty weekly chart
Bank Nifty has made a sharp bounce back in past trading sessions. SBI , Axis Bank , PNB etc have performed well. But this bounce back could be a potential trap!!. In daily chart Bank Nifty has breached 200 DMA which is a bullish sign. But look at weekly chart it is nearing important resistance. So long position holders in Banking sector stay alert.
Nifty medium term trend
| Trend | DOWN |
| Initiation Date | 26-02-13 |
| Initiated at | 5761 |
| Low since change | 5569 |
| Reversal if closes above | 5780 |
Thought for the day
Why are people so afraid ? The answer is that they have made themselves helpless and dependent on others , we are so lazy that we don't want to do anything by ourselves. We want a personal god , or a savior or a prophet to do everything for us - Swami Vivekananda
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