Market estimates for 17/12/2012

 

Nifty daily chart

 

 

Nifty has bounced back from 5841 and closed at 5870. The short term trading range could be between 5840-5900. Breakout from 5840 will take Nifty to 5800-5780. In worst case scenario Nifty can fall to 5700 which is the strong base for Nifty.

 

Nifty weekly chart

 

 

 

Nifty is facing strong resistance at 5950 which is 78.6% retracement. If Nifty closes above this level on weekly basis then Nifty can reach 6180-6300.

 

Chart of the day

 

Tech Mahindra

 

 

 

Tech Mahindra has made break out from the channel. Traders can enter long in Tech M for a target of Rs.996. Stop loss close below Rs.940.

 

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

All losses in market are entire attributable to not investing with the primary trend.