Market estimates for 24/12/2012

 

Nifty daily chart

 

 

Nifty has once again tested 5840 support . From past few days Nifty is trading between 5840-5950 and we need a breakout to enter into a high probability trade. RSI is around 50 indicating that further downside that is till 5700 is possible. Traders can consider if Nifty sustains below 5820.

 

Nifty weekly chart

 

 

From past 3 weeks Nifty is unable to break 5950 resistance . Nifty is expected to go down till 5700 before resuming uptrend. Since Nifty is forming higher high , higher low it might break 5950 in next cycle. This formation will change if Nifty breaks 5700 on lower side .

 

Charts of the day

 

LT

 

 

LT was one of the top losers on Friday's trading session. It has breached an important support at Rs.1600 (red colour trend line) . It is expected to go down further.

 

HDFC Bank

 

 

This is the weekly chart of HDFC Bank. After breaking trend line resistance at Rs.660 it made a high of Rs.700. Now it has closed at trend line support and if it closes below this trend line support on weekly basis further fall is expected.

 

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

 

If I were asked under what sky the human mind has most fully developed some of its choicest gifts  , has most deeply pondered on greatest problems of life and has solutions I should point to India - Max Muller (German Scholar)