Market updates for 17/01/2013

SBI Daily Chart

SBI was one of the top loser in today's trading session. It has closed below trend line support at Rs.2460 and MACD is indicating sell. It is likely to correct in coming days.

Axis Bank

In yesterday's post I had mentioned about possibility of continuation of up trend in Axis Bank which has not happened. Today it has exactly closed at trend line support at Rs.1409. Close below this level will lead to decline in stock price.

There are two types of losses.

1. Trader is strictly following time tested method but a number of stop loss are triggered. In this case trader need not to worry about loss because this is happening because of limitation of method and all trading methods have limitation. He has to accept loss without anger , guilt , fear or any other emotion and he should not give up the system just because stop loss is triggered

2. Loss is happening because of emotions like Ego , Greed , Fear , Hope or Ignorance (EFGHI). In this case trader has to think seriously and should come out of it as soon as possible.

Corporate results on 17/01/2012

HCL Tech , Federal Bank , Hero Motoco , Exide Ind

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6068
Reversal if closes below	5800

 

Thought for the day

After a storm comes a calm - Mathew Henry