Weekly Chart
The Nifty has been a little indecisive of late leading to a lot of whipsaws.This is bound to happen after a strong upmove.It is a gruelling time wondering what the Nifty will do next and this is something no one can predict.So we trust the broader trend by looking at the broader picture.
The weekly charts best depict the broad picture. My earlier post on the broader picture can be read here http://vipreetinvestments.blogspot.in/search?q=broader+picture .
So as is visible from the chart the trend is UP.The uptrendline from 2009 lows is intact.The 40 Ema which is the equivalent of the 200 Ema on daily charts is trending up and the uptrendline from June 2012 lows is intact.Till these indicate bullishness one can be invested.Only a violation of any of these supports will put the uptrend in danger.
Shock absorbers for the short term is placed areound the 5800 levels, for the medium term at 5550 and long term at 5315.To get a daily and weekly update on the Nifty and Bank Nifty you may subscribe to my Newsletter by writing to vipreetsafetrading@gmail.com
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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