Market updates for 08/01/2013

Nifty daily chart

In today's trading session Nifty has closed below psychological level 6000 down by 27 points. It is facing resistance at 6025 where trend line is located. In short term Nifty is expected to trade between 6025-5965. Breakout above 6025 will take Nifty to 6100 and below 5965 it can fall to 5930-5850. RSI is showing bearish divergence. Wait for breakout.

LT

LT is trading between 1585-1660 from few trading sessions. In today's trading session it has closed exactly at trend line support. Close below 1585 for a trading session will lead to further fall.

Infy

Infy is coming out with quarterly result on 11th. Now it has started a short term up trend which might last till 10/01/2013. We have initiated long in Infy fut at Rs.2355. More details for subscribers.

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6020
Reversal if closes below	5800

Thought for the day

 

Expecting is the greatest impediment to living. In anticipation of tomorrow, it loses today. - Seneca