Nifty daily chart
Nifty has continued its uptrend since it has breached 200 DMA. It is likely to reach 5830 in next few trading sessions. 5830 should be the profit booking level. Traders can re enter long if Nifty closes above 5830.
Nifty weekly chart
In the last week Nifty has almost rallied 300 points and it reached 50% retracement. Since it has rallied 300 points it might consolidate for a while . But we cannot say that rally is over since RSI is not overbought. If 5830 is breached Nifty might reach 5870-5990 in medium term.
Bank Nifty weekly chart
Bank Nifty has made a rally of whopping 1000 points from the low. It has marginally closed above trend line resistance . Medium term trend reversal will happen of it closes below 11955.
Nifty medium term trend
| Trend | UP |
| Initiation Date | 18-04-13 |
| Initiated at | 5783 |
| High since change | 5783 |
| Reversal if closes above | 5575 |
Thought for the day
God is merciful to those whom he sees struggling heart and soul for realization. But remain idle without any struggle and you see that his struggle will never come. - Swami Vivekananda
