Nifty
Nifty has closed below 200 DMA . Whenever an index , stock , commodity closes below 200 DMA major fall is likely to happen. Since Nifty has closed below 200 DMA there are two possibilities. One is it should hold 5750 which is 31.8% retracement in weekly chart or it should reach trend line support at 5640 which is also 78.6% retracement in weekly chart. I am expecting 5640 but if Nifty closes above 5880 trend will reverse.
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Nifty medium term trend
| Trend | DOWN |
| Initiation Date | 23-05-13 |
| Initiated at | 5967 |
| Low since change | 5760 |
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