Market updates for 21/11/2012

 

Nifty daily chart

 

 

Nifty has once again made a flat close around support zone 5575. In yesterday's post we had estimated that 5585-5630 are the resistance levels. So even though Nifty made a high of 5613 it couldn't sustain at those levels.

 

Traders should also note the point that yesterday Europe and US markets have rallied significantly but Indian and other Asian markets didn't participate in the rally. Many Index stocks have breached their important support level and I am expecting Nifty to reach 5500 shortly . However reversal of the short term trend will be close above 5630.

 

Nifty medium term trend

 

Trend	DOWN
Initiation Date	16-11-12
Initiated at	5574
Low since change	5549
Reversal if closes below	5800

 

 

Thought for the day

 

Real difficulties can be overcome. It is the imaginary ones which are unconquerable.