Market updates for 18/01/2013

Hindalco Weekly chart

ITC Weekly chart

Weekly charts of Hindalco and ITC are the examples of breakouts which are not sustained. Hindalco closed above Rs.126.50 but it couldn't sustain for long time . Now it has once again fallen into consolidation zone.

ITC made a breakout from  trend line support which was formed over a period of  6 months. Now it has once again trading above the trend line.  

Traders should note that since we have one more trading session in this week closing above/below the trend line is necessary to estimate price targets.

Corporate results on 18/01/2013 

ITC , HDFC Bank , M&M Finance , Mind Tree , NIIT

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

You will never do anything in this world without courage . It is the greatest quality of mind next to honor. Aristotle