Market updates for 23/11/2012

 

Nifty daily chart

 

 

Nifty is unable to break trend line support at 5570 and now it has bounced back to previous support 5630. In yesterday's post it was mentioned that 5630 which was acting as support can act as resistance and same thing has happened in today's session. 

 

Nifty made a intraday  high of 5630 it was unable to close above it. So as long as Nifty is below 5630 short term trend will remain down. It may be too early to talk about expiry but according to me this expiry may happen around 5600. Lets see.

 

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 

 

He who seeks more than he needs hinders himself from enjoying what he has. - Hebrew Proverb