Nifty daily chart
Nifty has bounced back from multiple support level around 5600. It is supported by 200 DMA as well as descending trend line. There are greater possibility that it will move towards 5850. Closing below 200 DMA will be the stop loss.
Bank Nifty daily chart
200 DMA of Bank Nifty is around 11390. If Bank Nifty closes above this level more upside is possible. Expected target once it closes above 11390 will be 11900.
Traders should note that RSI of both Nifty and Bank Nifty is indicating bullish divergence. Possibility of pull back is very high.
Nifty medium term trend
| Trend | DOWN |
| Initiation Date | 26-02-13 |
| Initiated at | 5761 |
| Low since change | 5612 |
| Reversal if closes below | 5895 |
Thought for the day
This I have seen in
life—those who are overcautious about themselves fall into dangers at every
step; those who are afraid of losing honor and respect, get only disgrace; and
those who are always afraid of loss, always lose - Swami Vivekananda
