Nifty weekly
So
it has been a good last few weeks for the bulls, but the main downward sloping
trend-lines + overcoming the 40 week moving average is still in play. As
highlighted last week, for a bullish longer term outlook I am looking for a
trend line break on the Nifty & Bank nifty and sustenance above their
respective 40 week moving averages. Even
the weekly charts of the broader indices such as the CNX 100,200 & 500 show
similar patterns – below down trend-line & below 40 week MA. So I am
putting the broader indices too on the radar and seems next few weeks will be
the decider for the longer term outlook?
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