Market updates for 29/10/2012
Nifty daily chart
Nifty has continued to consolidate within a narrow range between 5630-5720. Nifty shut shop at 5664 down by 41 points.Short term trend of Nifty will remain down as long as it is below Rs.5720.
Nifty weekly chart
Nifty is consolidating from past 4 weeks. If it closes below 5630 then it may reach support at ascending trend line (marked in red). So short term downtrend can be limited to the extent of 5550.
On the other hand weekly close above 5740 can take Nifty to 5820-5920.
Chart of the day
SBI
SBI has broken out of the consolidation between 2200-2280. We have initiated short at Rs.2220 and partial profit booked at Rs.2177.Further fall is expected.
Nifty medium term trend
Trend | UP |
Initiation Date | 08-07-12 |
Initiated at | 5336 |
High since change | 5815 |
Reversal if closes below | 5580 |
Thought for the day
He who things he knows , doesn't know. He who knows that he doesn't know , knows. - Loa Tze