Technical updates on JSW Steel and LT

JSW Steel Weekly chart

 

JSW steel had failed to continue its uptrend after breakout. Now it has once again fallen back into channel and based on daily chart trend indicator we have initiated short in JSW Steel Fut at Rs. 849.35.

LT Weekly chart

LT was consolidating between Rs.1530-1600 from past 3 weeks. Now it is trading below the support level. Likely to continue down trend. Note that we have one more trading day left so weekly closing below support is important.

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

Arise! awake! stop not till you reach the goal - Swami Vivekananda