Market estimate for 20/12/2012

 

Nifty daily chart

 

 

Nifty has continued its uptrend and today it made a high of 5939. It can face resistance at 5950 and once this level is breached we can expect a target of 6000-6150-6300. Of course all these targets will not be reached within a day or two. Wait for breakout above 5950 (spot).

 

Madras Cement

 

 

Madras Cement is in a bull run from past 6 months and today it breached previous high at Rs.220. We have initiated long at Rs.211 and continuation of the trend is expected.

 

Silver

 

 

Silver is looking weak in daily chart . It has formed lower high formation and support is around Rs.60,000. Further fall is expected if breakout from this level happens. Lets see.

 

Nifty medium term trend

 

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	5950
Reversal if closes below	5680

 

Thought for the day

 

Man is only partially satisfied in his attempt to have the fulfilment of his desires. And this partial satisfaction fans and increases the flame of craving instead of extinguishing it . So greed always finds an endless field of  conquest and leaves the man endlessly dissatisfied - Meher Baba