Market updates for 30/11/2012

 

Nifty daily chart

 

 

Today Nifty has breached critical resistance levels at 5745 and previous peak at 5820. This up trend is not going to stop at 5825. There are greater possibilities that it will continue till 5950. Short term reversal of the trend will be close below 5680.

 

LIC Housing Finance , LT , Hexaware , Gruh Fin, Ambuja Cement are some of the companies which are looking positive.

 

Chart of the day

 

SBI daily chart

 

 

SBI is forming a possible triangle formation. Base of the triangle is at Rs.2060 and a descending trend line can be drawn by joining 2357 and 2268. The extension of this trend line is approximately around 2200. Considering all these factors today we have initiated bullish strategy.

 

Nifty medium term trend

 

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	5825
Reversal if closes below	5575

 

 

Thought for the day

 

Education ....... has produced a vast population able to read but unable to distinguish what is worth reading.