Market updates for 09/01/2012

Nifty hourly chart

Nifty has bounced back from support from 5965 and closed above 6000.  Nifty is expected to trade between 5965-6020. Since both short term and medium term trend is up trader should consider long in Nifty at every dip.

LIC Housing Finance

LIC housing finance was facing resistance at Rs. 288 . After breakout from this resistance level it reached a high of Rs.300. Traders should observe that Rs.288 which was acting as resistance is now acting as support. If LIC closes below this level we can expect fall in stock price. More details for subscribers.

Updates on Infy and LT

We had initiated long in Infy at Rs. 2355. But today our trailing stop loss at Rs.2361 is triggered. As Infy is declaring result on 11th we will recommend bearish hedging strategy to subscribers.

LT has closed below support at Rs.1585. We have initiated short in LT futures at Rs.1581. LT has indicated two false in this month. I wish this time we will earn some profit. 

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

Sandalwood perfumes even the axe that hurls it down! The more we rub sandalwood against a stone, the more its fragrance spreads. Burn it, and it wafts its glory through the entire neighbourhood. Such is the enchanting beauty of forgiveness in life - Swami Chinmayananda