Market updates for 06/12/2012

 

Nifty daily chart

 

 

 

Nifty is gradually moving towards 5950. Today it made a intraday high of 5917 indicating strength. If Nifty reaches 5950 partial profit can be booked. Those who are holding long can place trailing stop loss below 5800. Over all trend remains up so don't dare to short.

 

SBI

 

 

 

SBI was selected for intraday trade. It has breached trend line and momentum indicators are looking bullish. SBI futures was bought at Rs.2255 and sold at Rs.2280 which earned a profit of Rs.3125.

 

We have open position in Rel Infra futures all other positions are squared off.

 

UPA has won FDI vote in Lok Sabha is a positive news for market. This rally 250 points in past 5 sessions is because of FDI policy. This news can support the continuation of up trend in market.Lets see!.

 

Whatever may be the advantages/disadvantages of FDI in retail. As a citizen of this country let us be Indian and buy Indian.

 

Nifty medium term trend

 

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	5917
Reversal if closes below	5575

 

 

Thought for the day

 

What matters what anybody thinks ? It will be all the same a hundred years hence.