Market updates for 12/11/2012

 

Nifty daily chart

 

 

 

Nifty has  closed below the support at 5720 and has trapped the bulls. Now we need to see whether it reached the support at 5630 or once again reaches 5700-5750. Short term trend will remain up as long as Nifty is above 5630.

 

Nifty weekly chart

 

 

 

Nifty is testing 5740 from past 7 weeks !! but it is  unable to close above this level on weekly basis. A strong weekly close above 5740 is required to reach 5940 levels.

 

Chart of the day

 

Dow Jones Industrial Average

 

 

 

Dow Jones has closed below 200 DMA which indicates medium term down trend. Now we need to see whether Indian Index is going to correct or not.As of now market is sideways but down trend may happen if the support at 5630 is breached.

 

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

 

The mind is its own place , and in itself can make heaven out of hell , a hell out of heaven...- John Milton