Market updates for 01/02/2013

Nifty daily chart

Today Nifty has closed marginally below the trend line support around 6040. We need to see tomorrow's close for further confirmation. One more close below 6040 will lead to short term correction in market. Reversal will be close above 6100 (spot).

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6111
Reversal if closes below	5800

Thought for the day

Ultimately the bond of all relationships whether marriage or friendship is conversation. Oscar Wild