Market updates for 19/11/2012

 

Nifty daily chart

 

 

Nifty has finally breached the support at 5630 and closed at 5574 down by 57 points. Now it has very marginally closed below the trend line support. Further confirmation of down trend will depend on Monday's close. Technically Nifty may reach 5530 in short term and reversal of the trend will be close above 5630.

 

Nifty weekly chart

 

 

In yesterday's post it was said that if 5630 is breached on weekly basis then Nifty will test the ascending trend line. Whether Nifty has breached the trend line or not is debatable as this trend line can be drawn in many ways. However today's close below 5580 is the beginning of medium term down trend and so we have initiated bearish position in Nifty.

 

Nifty medium term trend

 

Trend	DOWN
Initiation Date	16-11-12
Initiated at	5574
Low since change	5574
Reversal if closes below	5800

 

 

Thought for the day

 

Every one is a moon and has dark side which he never shows to anybody.