Market updates for 31/12/2012

 

Nifty daily chart

 

 

 

Nifty is in a consolidation mode from past 1 month and breakout is expected to happen in one or two trading sessions.

 

Whole world is closely watching developments about ' Fiscal Cliff' and the impact will be known on Tuesday morning that is on 1/1/2013. So don't hold too many positions. Traders can consider initiating position based on direction of breakout.

 

Nifty weekly chart

 

 

 

From past one month Nifty has failed to break barrier at 5950. Breakout from this level on daily or weekly basis will take Nifty to 6150.

 

Copper daily chart

 

 

Copper is consolidating between 441-438. It has resistance at Rs.442 and if it sustains above this level then it can reach Rs.447.

 

M&M weekly chart

 

 

 

M&M has exactly closed at support in Weekly chart. A weekly close below Rs.925 will lead to further fall in stock price. Wait for breakout.

 

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

 

It is true that even across the Himalayan barrier India has sent to us such unquestionable gifts as grammar and logic, philosophy and fables, hypnotism and chess, and above all our numerals and our decimal system. But these are not the essence of her spirit; they are trifles compared to what we may learn from her in the future.~ Will Durant (American philosopher)