Market updates for 11/12/2012

 

Nifty daily chart

 

 

Nifty is consolidating in a narrow range. We cannot expect continuation of uptrend unless it breaks 5950 on closing basis. RSI is in extreme over bought position. However the disadvantage of RSI is that it can remain over bought for longer than expected time in a perfect trending market.

 

Wait for break out.

 

Chart of the day

 

TCS

 

 

TCS has breached 200 DMA as well as support at Rs.1260. It is forming lower high lower low which is a bearish formation. Further downfall is expected.

 

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 of the ages  is not dead nor she has spoken her last creative word : she lives and has still something to do for herself and to the human beings - Maharshi Aurobindo.