Last week, I had mentioned about a minor support at 5172 and it has now taken the support in that region. Now look at the weekly chart. You can see that NIFTY is showing the dropping tendency from the 3rd touch of the chart pattern shown. This is definitely to be looked at with great respect. If NIFTY braches the Bottom trend line “BT”, then we will see a large drop, which may extend to around 4675 in the “first phase”, in few weeks. Note that this is an analysis on the weekly scale and on the daily scale 4960 could be the next support once NIFTY breach 5172.
As the automated signal goes, www.ftalarms.com has its 2000 NN system in the Bearish mode and HDS is in a bullish mode. Hence we can definitely say that, as on weekly close, the short-term trend is bullish and the medium-term tend and turned bearish.
Tweets @masterstrokes
