Nifty weekly chart
Nifty has multiple support at 5400 . So even though it made a low of 5360 it managed to bounce back . Support and resistance levels are fragile in nature . But they shuold be used for partial profit booking. At 5400 we cannot say that Nifty has bottomed out as there are greater possibilities of further fall.
USDINR
INR has been depreciating from many weeks . You can see in the above chart that it has formed a ascending channel . Expected target is around 65 !
Nifty medium term trend
| Trend | Down |
| Initiation Date | 30-07-13 |
| Initiated at | 5755 |
| Low since change | 5360 |
Thought for the day
Curious that we spend more time congratulating people who have succeeded than encouraging people who have not.
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