Market updates for 30/01/2013

 

Nifty daily chart

 

 

 

Nifty has once again tested 6100 but unable to break this resistance level. Now it is likely to test 6030 (spot) and closing below this level could lead to short term reversal . Expected target if closes below 6030 could be 6000-5950.

 

ITC

 

 

 

Our subscribers had initiated long in ITC around Rs.284 and today we have booked profit around Rs.305 as it has reached previous peak. Breakout from this level will lead to further appriciation.

 

Sun Pharma

 

 

Sun Pharma has major support at Rs.700 and RSI is in oversold region. As long as it is above this level trend remains up. We are long in Sun Pharma. Lets see.

 

Nifty medium term trend 

 

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6111
Reversal if closes below	5800

 

 

Thought for the day

 

Give to your fellow what he needs to accomplish what life asked of him. Do not impose on another your idea of how he should best live. - Jean Clein