Nifty weekly chart
Nifty has witnessed a major fall in last week. Both short term and medium term trend is down. 5970 is an important support level and once Nifty closes below this level down trend will resume. As per weekly chart Nifty has completed 38.2% retracement. It is likely to reach 5850-5760 in medium term.
Bank Nifty weekly chart
Bank Nifty faced stiff resistance at 13300 and now it is in corrective phase. There are possibilities that it can reach 12400 in short term. 12400 is the level which was acting as resistance and now the same level can act as support.
Nifty medium term trend
| Trend | DOWN |
| Initiation Date | 23-05-13 |
| Initiated at | 5967 |
| Low since change | 5936 |
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