Market updates for 28/01/2013

Nifty daily chart

Nifty is moving in a upward sloping channel. Since it has tested trend line support around Rs.6000 now it is likely to move towards 6100. we need breakout above 6100 for continuation of uptrend.

Bajaj Auto Weekly chart

Bajaj Auto was in down trend from past few weeks. Now this down trend has come to a halt as it has reached a major trend line support around Rs.2050. Bounce back from this level is quite likely. 

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

It is always the false that makes you suffer, the false desires and fears, the false values and ideas, the false relationships between people. Abandon the false and you are free of pain; truth makes happy — truth liberates. Nisargadatta Baba