Nifty daily chart
Nifty has breached previous high at 5970. As long as Nifty is above 5970 trend will remain up. Tomorrow RBI is announcing monitory policy. Street is expecting a rate cut of 25 to 50 basis points. So market can be highly volatile stay cautious.
ITC
ITC is indicating break out in weekly chart. But in order to initiate long we have to wait for weekly close. Weekly close above the trend line will lead to further rally.
Nifty medium term trend
| Trend | UP |
| Initiation Date | 18-04-13 |
| Initiated at | 5783 |
| High since change | 6019 |
| Reversal if closes below | 5785 |
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