Nifty weekly chart
In the last week Nifty has completed 100 % retracement and managed to close above previous high 6100. Momentum is strong and companies like LT, SBI , PNB, HDFC Bank , Axis Bank and even IT sector is also doing well. The possibility of reaching 6300 is very high.
Bank Nifty weekly chart
Bank Nifty has reached previous high that is 13300 which was made in the year 2010. Suppose it breaks this level it can reach 13500.
One important observation in both Nifty and Bank Nifty charts is that RSI is not over bought. Does this mean that market has strength to create new high?? Lets see.
Nifty medium term trend
| Trend | UP |
| Initiation Date | 18-04-13 |
| Initiated at | 5783 |
| High since change | 6199 |
Thought for the day
A good friend is a connection to life a tie to the past, a road to the future, the key to sanity in a totally insane world
No comments:
Post a Comment