Market estimates for 27/12/2012

 

Nifty daily chart

 

 

Nifty has once again bounced back from the support at 5840 and closed at 5905. Since 5840-5950 is the trading range , now it is likely to test 5950. Positional traders should avoid trading in Nifty till breakout happens. If Nifty closes above 5950 then expected target is 6050. As the short term and medium trend of Nifty is up I am expecting breakout on upside. Lets wait and watch.

 

Bank Nifty daily chart 

 

 

 

Bank Nifty is also consolidating in a narrow range that is between 12230-12550. If it closes above 12550 then expected target is 12800.

 

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

 

India is the cradle of human race , the birth place of human speech , the mother of history , the grand mother of legend and great grand mother of tradition. Our most valuable and most artistic materials in the history of man is treasured in India - Mark Twain (American Writer)