Market updates for 23/01/2013

Nifty hourly chart

Nifty spot has breached trend line support. Now it is expected to go down to 6020-6000 and reversal will be sustaining above 6065. Since RSI in hourly chart is over bought down side could be limited to 6000 , however , if Nifty spot closes below 6000 then it may go down till 5950. Lets see

Nickel Daily chart

Nickel has tested Rs.930 twice. Now it is trading at Rs. 936 and if it closes below Rs.930 decent amount of correction is expected. More details for subscribers.

Corporate result on 23/01/2013

Deepak Fertilizer , Karnataka Bank , Phoenix Mills

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6101
Reversal if closes below	5800

Thought for the day

 

To look, without comparison, one has to understand the mind, because it is the mind that looks, it is the mind that interprets what it seeks giving it a name. The very naming of a thing by the mind becomes the way of pushing it away.  - J Krishnamurti