Nifty daily chart
Nifty has continued to fall ans this time it has closed below 200 DMA as well as below trend line support. Close below 200 DMA indicates that primary trend is down and all bounce back will be followed by large fall in the market. Usually breakout from 200 DMA lasts for many weeks and some times months. Nifty has support at 5550 which is the bottom made on 19/11/2012. Once this trend support is breached next target will be 5500-5450.
Bank Nifty has indicated fresh short opportunity and we have executed that. Apart from this ICICI bank , LT , Infy , TCS , Bharti , R Cap are some of the stocks which have indicated short.
Nifty medium term trend
| Trend | DOWN |
| Initiation Date | 26-02-13 |
| Initiated at | 5761 |
| Low since change | 5565 |
| Reversal if closes above | 5780 |
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