Market updates for 03/01/2013

 

Nifty daily chart

 

 

 Nifty has gained nearly 100 points in two trading sessions. Now it has reached an important resistance at 6000.Once Nifty closes above 6000 next target will be 6100. RSI suggests that at 6000 level Nifty is not over bought so continue to hold long positions for a target of 6100-6150.

 

SBI Weekly Chart

 

 

In yesterday's trading session we had initiated long in SBI futures at Rs.2442 . Today we booked profit at Rs.2473 as SBI has reached an important resistance in weekly chart. Traders might have observed that after making a high of Rs.2480 SBI started falling. We will re enter after breakout.

 

Stocks which have turned bullish

 

BHEL , LT , CCL , Opto Circuits

 

Nifty Medium Term Trend

 

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6006
Reversal if closes below	5800

 

 

Thought for the day

 

India is not only a country and something geographical, but the home and the youth of the soul, the everywhere and nowhere, the oneness of all times.
~~~ Herman Hesse (German poet and novelist)