Nifty
Regular viewers of this blog might remember that in earlier post I had mentioned about a formation called bearish Head and Shoulder (also known as inverse head and shoulders). In this formation 6110 was shoulder , 6230 was head and 5970 was neck line. Today this neck line is breached. I am expecting a fall of 100-200 points from current level.
Bank Nifty
Bank Nifty has a support around 12350. In today's trading session Bank Nifty has tested this level. If Bank Nifty closes below 12350 on weekly basis further fall is likely.
Nifty Medium term trend
| Trend | DOWN |
| Initiation Date | 23-05-13 |
| Initiated at | 5967 |
| Low since change | 5916 |
Thought for the day
If you want to change somebody, don’t preach to him. Set an example and shut up
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