Update on Nifty

The Budget is over. Nifty fell from 14750 to 13600 odd levels last week and has now bounced back and is close to 14650. Let us analyse the Nifty daily chart:

See the trendline drawn from March lows. Nifty has respected that trendline in the past and bounced from there this time also.

Nifty is above 5, 21 and 34 Moving averages on the weekly chart. The PPO for Long term, Medium term and Short term all are in a bullish mode.

All this shows that Nifty is in a bull market. Ignore the short term fluctuations and pull backs. Bull market corrections are short lived. Stay long in the direction of the trend!

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