Updates on Nifty and LT

Nifty daily chart

Nifty has closed above trend line resistance for two consecutive days which is a bullish sign. Short term trend will remain positive as long as Nifty is above 5980.

Nifty weekly chart

Nifty has also breached trend line in weekly chart . There is every possibility that Nifty will reach 6200 provided Nifty sustains above trend line. 

LT

LT has been forming lower top lower bottom since many weeks . Now it has once again reached trend line resistance . If LT closes above this trend then further rally can be expected . 

Nifty medium term trend

 

Trend	UP
Initiation Date	05-09-13
Initiated at	5592
High Since Change	6142

 

Thought for the day

 

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