July 12, 2015

Clarification regarding trend in NIFTY weekly chart

For some time, I have been writing that NIFTY trend on weekly charts will change to bullish on close above 8500 spot.

Past one week, I updated saying that trend is now up on weekly charts.

This has created confusion because nifty never closed above 8500 on weekly basis. It did close once during the week but never on a weekly closing basis.

Daily chart:

Weekly chart: ... the close is below 8500.

So for sake of consistency I will go with the earlier view that the trend is still down on weekly charts and will reverse to up on close above 8500.

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