Market updates for 21/01/2013
Nifty weekly chart
Last week I had mentioned a possibility of Nifty falling down till 5750 before continuing its uptrend as it had reached a very important resistance level. But Mr.Market had proved that I was wrong.
This week Nifty has closed above the trend line resistance and there is every possibility that next week we will notice good amount to upside .
JSW Steel weekly chart
JSW steel has breached trend line resistance at Rs.860. The above mentioned channel is formed over a period of 8 months and so the importance of this breakout is very high. This is a great opportunity to go long in JSW Steel . More details for subscribers.
Nifty medium term trend
Trend | UP |
Initiation Date | 29-11-12 |
Initiated at | 5825 |
High since change | 6083 |
Reversal if closes below | 5800 |
Thought for the day
Generosity is giving more than you can and pride is taking less than you need - Khalil Gibran
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