Nifty daily chart
In yesterday's post I had mentioned about continuation of down trend and market has proved me wrong. Today Nifty has trapped the bears and once again closed above the support . Short term trend reversal will happen if Nifty closes above 5435.
Nifty weekly chart
Nifty has formed 'hammer' candle stick pattern in weekly chart . 5400 is acting as strong support level for Nifty . Since tomorrow is the last trading day of this week market movement will be crucial to estimate possible direction .
Nifty medium term trend
| Trend | Down |
| Initiation Date | 30-07-13 |
| Initiated at | 5755 |
| Low since change | 5268 |
Thought for the day
Religion gives you nothing new ; it only takes off obstacles and lets you see your self.
