Dowjones V/S Nifty

DAILY CHART OF NIFTY
DAILY CHART OF DOWJONE.

Weekly CHART OF NIFTY

Weekly Chart OF DOWJONES

I have pasted four charts. The first two charts are daily charts of Nifty and Dowjone. We can clearly see the similarity of pattern in both these charts. Both Charts are forming a triangle after a steep fall. Currently both indices are trading at the upper end of triangle pattern and faces stiff resistance at current levels. Therefore we will see some correction(not very Sharp) in days to come probably withing this week. Triangle is a consolidation pattern and if Nifty is able to sustain above 5400 level(the corresponding level for Dow jone is 12700-12800) we will see some quick gains in both the indices. I expect that there is more than 65 % probability of markets rising in the month of March.

Next two charts represents weekly charts of Nifty and Dowjones respectively. We can clearly observe that Nifty has been successful in closing above 5000 level during last four consecutive weeks. Similarly Dowjones have been able to sustain above the most important level of 12000 since last five weeks. These levels represents a very important long term support level for Nifty and Dowjones. The market will not enter a long term down trend till Indices trades above these levels.