Market estimates for 18/12/2012

 

Nifty hourly chart

Nifty has support around 5640 level. If this level is breached then we can expect fall up to 5800-5780 levels. 5885-5900 are the resistance levels above which Nifty can reach 5950. So short term range of the Nifty is around 5800-5900.

Madras Cement

 

 

Madras Cement has made a major rally from past 6 months. From past few trading sessions it is facing resistance at Rs.220. Breakout from this level should be used to create new long positions.

 

JSW Steel

 

 

JSW Steel is one of those stocks which are forming higher top , higher bottom formation. Last week it has taken support at trend line and today made a sharp bounce back. This bounce is expected to continue till Rs.790.

 

Tech Mahindra

 

 

In yesterday's post I had indicated breakout in Tech M. Even though it made an intraday low of Rs.925 closing was at Rs.952.70. As long as it is above Rs.940 position will remain open.

 

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

 

If failure has has the strength to turn your life into bitterness itself , then patience has the strength to turn your life into sweetest joy. Do not surrender to fate after single failure . Failure at most precedes success - Swami Chinmoy