Nifty weekly chart
Nifty has closed below 5800 which is 23.6% on weekly basis. Now the expected targets are 5600-5440 which are 38.2 and 50% retracement respective. As per monthly chart (which was posted yesterday) 5250 is the strong base which is unlikely to break. Short term reversal of Nifty will be closing above 5830 and medium term trend reversal is closing above 5980. Remember these levels and act accordingly.
HDFC Bank
HDFC Bank took a nose dive in recent times . Now it is trading at important , long term trend line support at Rs.615. RSI is oversold and short term reversal will happen if it closes above Rs.640.
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
It's OK if you don't know how much more you can handle. It's fine if you don't
know what to do next. Eventually, you'll let go of how things should be and
start to see possibilities based on reality. It's your life – grasp the steering
wheel and force yourself to pay attention to where you're going.
