Market estimates for 28/12/2012

 

DJIA

 

 

 

After testing resistance at 13300 Dow Jones in in down trend. It is likely to test 13000 in short term where 200 DMA is situated.

 

M&M

 

 

M&M is one of the top performers in this rally. It is moving in a ascending channel and today it has reached an important trend line support. Since overall direction of the market is bullish it is likely to bounce. However if it closes below the trend line resistance then it is likely to fall further.

 

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

 

India conquered and dominated china culturally for 20 centuries without ever having to send a single solider across her boarder - Hu Shih (Chinese Ambassador to USA)