Short term trend on the Nifty is down. We have broken the trendline that started from 5352 on 31 Aug 2010 to a high of 6286 on 14 October. 5950-60 on Nifty spot is an important support. Below that we can see a 50% correction of the upmove from 5350 to 6286 which is roughly around 5750
• Globally All western indices are bullish on an uptrend. SP500 has resistance at 1220 and support at 1040. Dow Jones has resistance at 11235 and support at 9950
Russia, Brazil, FTSE, CAC, DAX, Taiwan, Shanghai is bullish
• Dollar index seems to have taken support at 76, its got support below that at 74, needs to cross 83 to confirm it is in an uptrend. Currently it is bearish.
• We continue to remain bullish on the Nifty. The longer term bull market is intact. We are still in a pattern of higher tops and higher bottoms in the long term. If we go below 5350 that would get violated.
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