Market updates for 14/12/2012

 

Nifty hourly chart

 

 

 

In yesterday's post it was mentioned that there is a slow down in momentum and break out below 5875 will teke Nifty to 5840 . Refer previous post http://karthik4bullsnbears.blogspot.in/2012/12/dear-traders-i-have-started-conducting.html . Today Nifty made a low of 5841. There is room for further correction. Expected targets are 5810-5760-5740 (spot levels) .

 

Nifty Daily Chart 

 

 

Nifty is showing signs of exaution in hourly as well as in daily chart. RSI is overbought and showing signs of possible short term dip. It has  major support around 5740 which is likely to be tested. Reversal will be above 5900.

 

Chart of the day

 

SBI

 

 

SBI is one  of the out performer in the recent rally. It has made a rally of around 250 points. t has formed multiple tops around Rs.2250 breakout from this level will leed to fall towards 2200 and much below. However today we have created bearish position based on trend indicators. Lets see !

 

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

 

We can gain experience from the past but we cannot relive it.  We can hope for the future but we don't know if there is  one.