NIFTY TREND IN DOUBT!

Nifty has created doubts in the minds of the traders with the Friday close at 5059.45.In one trading day it has moved in the third day's territory which is alarming!The ideal close would have been above 5064 but it closed below.  On the daily chart I have drawn 45 degree trendlines from important tops and bottoms on Nifty.These lines give us important targets both up and down.(Inspiration from one of my friend, Shri Ramanand Baiga whose mail I received in the morning.).Generally , 45 degree line divides the chart into two zones viz. bullish and bearish.Above 45 degree is bullish and below 45 degree is bearish.The 45 degree line from bottom of 4720 is still in contention as Nifty is above it(second blue line). If the down move continues its targets will be to break the two blue lines.For the up move to continue Nifty should cross the first red line soon and keep the momentum going.

Happy Trading!