Market updates for 04/02/2013

Titan 

Titan was facing resistance around Rs.280. As you can see in the above mentioned chart it has tested this level thrice. But now it has breached this resistance and so we have initiated long in Titan.

ITC

ITC has breached previous peak at Rs.306.5. Now it is expected to reach trend line resistance around Rs.315 (trend line indicated in red colour). Don't short ITC thinking that it is at high level. A share/index which is at high can reach higher.

Market could be flat to negative in short term and this could continue as long it is below 6100. So cash market traders should focus more on defensive industries like FMCG and pharma for time being.

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

 

If you don't design your life plan , chances are you'll fall in to someone else's plan. And guess what they have planned for you?? Not much - Jim Rohn