Nifty as suggested in earlier post has tested 200 DMA with closing just above it. Nifty is going for lower levels as long as it stays below 5794-5801 levels. Downward targets are seen at around 5680 levels if it beaches 200 DMA again. Sustained closing below 200DMA at 5747 will be damaging for Nifty
Nifty monthly charts clearly show that we have been in a rising channel since 2009 and except for a breakout in 2010 for sometime, nifty has been in a range. Even with the dowtrend visible on daily and weekly, Nifty is actually bullish till it is above 5713. Voila!!!. IF Nifty starts on a lower range this month, it may actually touch 6000 levels in May without violating any trendline resistance
Nifty monthly charts clearly show that we have been in a rising channel since 2009 and except for a breakout in 2010 for sometime, nifty has been in a range. Even with the dowtrend visible on daily and weekly, Nifty is actually bullish till it is above 5713. Voila!!!. IF Nifty starts on a lower range this month, it may actually touch 6000 levels in May without violating any trendline resistance
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