Market updates for 20/11/2012

 

Nifty daily chart

 

 

After breaking support at 5630 Nifty has taken support around 5575. In today's trading session it made a low of  5549 but bounced back and closed at 5576. Important resistance for Nifty will be 5585-5630. If Nifty closes above 5630 then that could be the reversal of short term down trend.

 

Even though primary trend of Nifty is up there is   a lower high formation in daily chart which is a matter of concern. In fact trend line support at 5575 is the level which is supporting Nifty all other technical indications are showing down trend.

 

Chart of the day

 

SBI daily chart

 

 

Few days back bearish strategy in SBI was executed around Rs.2150. On Friday's trading session it has breached an important trend line support. As long as SBI is below Rs.2145 trend will remain down.

 

Nifty medium term trend

 

Trend	DOWN
Initiation Date	16-11-12
Initiated at	5574
Low since change	5549
Reversal if closes below	5800

 

 

Thought for the day 

 

One moment of patience may ward off  great disaster. One moment of impatience may ruin a whole life.