Nifty Page: 13-06-2013(EOD)

The morning saw all world markets in deep red and ticking above 5792(our first condition to go long) was out of question. Infact, I wondered if 5725 would survive and it didnot as we opened below it.
Started the day with following Chart:

And on opening we looked like this:

And on close this was the scene:

Today's price-action as such has not indicated any probablity of bounce as such because it failed to cover even the gap-down created at the opening but

1. Nifty is at a crucial channel point  
2. Harmonic BAT pattern  looks complete
3. Daily RSI-14 has moved into oversold zone
4. Heavyweights like SBI & LnT seem to have got bottomed out

I was expecting 5790 support to hold and last 100 points fall has been witnessed looking for a proper entry point to go long which has not arrived. That way, this sub 5800 zone remained unutilized by me.

RBI policy action is very close now and we may have a good news in store to take us out of oversold zone.

Downward trend is unabated as of now --- one of my very enthusiastic friends says --- 'abandoned child'

 A gap-up tomorrow may prove him correct but I am non-chalant as tomorrow is another day.

Do have a look at the links of  Hindalco(which ran above from bottom) and  Rel Capital, which has yet to confirm its bottom.