Technical updates on Nifty and Bank Nifty

Nifty monthly chart

Nifty has undergone deep cuts in last 3 trading session and this down fall may not stop so soon. Usually we the retail trader think that Nifty has corrected 400 points from the peak so it cannot fall further. But let us remember the fact that uptrend/downtrend can remain longer than expected time. From past two trading sessions I have been posting about possible correction and I hope you have utilized our trading hints in right way. 

Above mentioned is the monthly chart of Nifty. As you can see it has tested important resistance at 6100  and now it is falling. Major support is around 5250 !!( this level can change in later stages) I am not sure whether it is going to test this support zone. As of now trend is down , I will certainly let my readers know once the uptrend starts.By the way we have initiated  short in Nifty March Fut at 5809.

Bank Nifty monthly chart

Bank Nifty is over bought in monthly chart. Breakout from trend line has failed as once again it has fallen with in the trading zone. Diagonal trend line (blue color is the major support , If this support is breached major fall is expected. May god bless Bank Nifty.

Nifty medium term trend

Trend	DOWN
Initiation Date	29-11-12
Initiated at	5761
Low since change	5692
Reversal if closes below	5990

Thought for the day

There are only two days in the year
that nothing can be done.
One is called yesterday and
the other is called tomorrow,
so today is the right day to love,
believe, do and mostly live. - See more at: http://homeinsteaders.org/#sthash.hctyulD8.dpuf

There are only two days in the year
that nothing can be done.
One is called yesterday and
the other is called tomorrow,
so today is the right day to love,
believe, do and mostly live. - See more at: http://homeinsteaders.org/#sthash.hctyulD8.dpuf

 There are two days in a year that nothing can be done. One is called yesterday and other is called tomorrow. So today is the right day to love , live and believe. - Dalai Lama