Nifty broke the trend line which was acting as a support since last one year and helping nifty make higher bottoms making up trend. However, It is not yet confirmed that this up trend has been broken and down trend has started, unless and until nifty gives weekly close below the trend line and sustains there making lower tops and lower bottoms.
Nifty had given strong bounce back when it took support on this trend line and managed to give weekly close above 5750 twice but this time it broke the trend line and fell sharply yesterday.
( Last week's close below our trend decider level of 5750 in addition to this week's close below trend line shown in the chart may confirm this down trend. Movement of rupee against dollar will decide future movement of nifty. )
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