Market updates for 29/10/2012

 

Nifty daily chart

 

Nifty has continued to consolidate within a narrow range between 5630-5720. Nifty shut shop at 5664 down by 41 points.Short term trend of Nifty will remain down as long as it is below Rs.5720.

 

Nifty weekly chart 

 

 

 

Nifty is consolidating from past 4 weeks. If it closes below 5630 then it may reach support at ascending trend line (marked in red). So short term downtrend can be limited to the extent of 5550.

On the other hand weekly close above 5740 can take Nifty to 5820-5920.

 

Chart of the day

 

SBI

 

 

 

SBI has broken out of the consolidation between 2200-2280. We have initiated short at Rs.2220 and partial profit booked at Rs.2177.Further fall is expected.

 

 

Nifty medium term trend

 

 

Trend	UP
Initiation Date	08-07-12
Initiated at	5336
High since change	5815
Reversal if closes below	5580

 

 

Thought for the day

 

He who things he knows , doesn't know. He who knows that he doesn't know , knows. - Loa Tze