Market updates for 26/11/2012

 

Nifty daily chart

 

 

 

Nifty is consolidating between 5570-5630. I was expecting Nifty to reach 5500 in this expiry but so far there is no signs of breakout.  Nifty has tested the trend line thrice , so the importance of this trend line is very high. Whenever a trend line / support / resistance is tested many number of times it becomes vulnerable. Lets wait for break out.

 

Nifty Weekly chart

 

 

 

Nifty has continued to form higher top and higher bottom. 5570 is acting as the base and 5740 is the resistance.  It is already repeated many times that Nifty should close above 5740 on weekly  basis to reach 5900.

 

Chart of the day

 

Dow Jones Industrial Average

 

 

Dow Jones was in down trend after elections. Now it has closed above 200 DMA and also above 12990 which was a critical resistance. Now it is likely to move towards 13300. Will Indian market participate in the rally?? 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

 

Better is bread with a happy heart than wealth with vexation - Amenemop