Market updates for 22/11/2012

 

Nifty daily chart

 

 

 

Nifty has once again bounced back from support line. Now the expected trading range is between 5570-5630. Traders who follow breakout trading system should wait for breakout to get high probability entry point. Above 5630 Nifty can reach 5680-5720-5800.On the other hand if it closes below 5570 then target will be 5500-5400.  5630 which was acting as support can act as resistance.

 

Charts of the day

 

SBI

 

 

We had initiated short in SBI at 2150 levels and profit was book at 2060 levels. Break out from 2060 can lead to further fall.

 

Nickel

 

 

Nickel has shown good amount of strength in past few days . We have initiated long position in Nickel around Rs.900. Partial profitwas booked around Rs.914 expecting further upside.

 

 

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

 

The reason I know so much is because I have made so many mistakes - R Buckminster Fuller