Nifty
As expected Nifty has taken support at trend line. There could be a bounce back since Nifty has fallen from the level of 5860. As per trend indicator Nifty will enter uptrend if it closes above 5785.( Yes there will be time lag but accuracy is more than 80%). Falling rupee is a major concern which might pull down the market even further. If anyone want to consider short then it should be done only if Nifty closes below trend line.
Bank Nifty
Bank Nifty is also trading around support level which is at 11200. Closing below this on weekly basis will lead to further fall.
Nifty medium term trend
| Trend | DOWN |
| Initiation Date | 23-05-13 |
| Initiated at | 5967 |
| Low since change | 5616 |
Thought for the day
The only place where success comes before work is in the dictionary.
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