Market updates for 04/12/2012

 

IDFC Daily chart

 

IDFC has formed a channel formation and since it has reached the upper part of the channel it has corrected to some extent. We can expect a major upside if it closes above Rs.175. We have recommended IDFC to our subscribers at Rs.150 for a target of Rs.190.

Copper daily chart

 

 

Copper has formed rounding bottom formation and now it has reached an important resistance at Rs.444.50. If it closes above this level then it can test previous peak which is Rs.462.

SBI daily chart

 

 

On 29/11/2012 we had recommended SBI at Rs.2125 for a target of Rs.2200. Today target is achieved. Refer to the link http://karthik4bullsnbears.blogspot.in/2012_11_29_archive.html. We are trend traders we like to participate in a major rally , we do less trades but we try to get large difference.We do not trade for 2-3 Rs profit margin.

 

Nifty medium term trend

 

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	5899
Reversal if closes below	5575

 

 

Thought for the day

 

Mind is like parachute it works when it is open.