Weekly Chart I
Weekly Chart II
Last week's doji spelt a loss of momentum on the upside. The week stated with a gapdown which remains unclosed.The Nifty continues to trade below the uptrendline shown in dotted green for the ninth week.
The Nifty has been moving in the red channel since June 2009 with resistance at 5995 and support at 5373 making it important levels to decide the larger term trend.
The decending triangle shown in chart II indicates a downward bias. Only a break above the downtrendline which has resistance at 5685 will change the bias.
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Lakshmi Ramachandran
www.vipreetsafetrading.com
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