Market updates for 07/12/2012

 

Nifty daily chart

 

 

Today's trading session was a volatile one. At one point of time Nifty was down by 50 points but in the last 1 hour Nifty made a pull back and closed at 5930. Today's day high was 5942 which is very close to 5950.

 

Now Nifty will face resistance at Rs.5950 once it closes above this level next target will be at least 6000.

 

Infy

 

 

Infy is one of the companies which are badly beaten in past two trading sessions. It had made a breakout from resistance at Rs.2412 and reached a high of Rs.2470 which is near 200 DMA. Now it has again fallen into the earlier trading range. It has a support at Rs.2300 which can be the low risk buying zone.

 

Crude Oil

 

 

At this point of time (8.00 PM) crude is down by Rs.110. It has breached support at Rs.4770. As long as crude is below Rs.4770 we cannot expect uptrend and potential target is Rs.4600.

 

Nifty medium term trend

 

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	5942
Reversal if closes below	5680

 

 

To follow on twitter click on : www.twitter.com/karthik4ta

 

Thought for the day

Darkness cannot drive out darkness , only light can do that. Hate cannot drive out hate , only love can do that.