Bank Nifty daily chart
Bank Nifty is facing selling pressure from past two trading session. Now it has taken support at 20 DMA. If it closes below 20 DMA then that would be the first indication of weakness. However actual down trend will start if it closes below 11900. We have booked profit in Bank Nifty today and continued to hold long in Nifty and LIC.
HDFC Bank
HDFC Bank is trading within a bearish channel. It is forming lower highs and lower lows. Now it has tested the upper part of the channel and started correcting. If it closes below Rs. 641 then medium term down trend will start.
Commodity Trends
Many commodities are in medium down trend. Below are the reversal levels which can be used for considering long. Please note that commodity has to close above the mentioned levels.
| Copper | 431.5 |
| Crude Oil | 5060 |
| Kapas | 922.5 |
| Lead | 121.5 |
| Nickel | 931 |
| Zinc | 108.25 |
Nifty medium term trend
| Trend | DOWN |
| Initiation Date | 29-11-12 |
| Initiated at | 5761 |
| Low since change | 5692 |
| Reversal if closes below | 5990 |
Thought for the day
Nothing is so wretched or foolish as to anticipate misfortunes. What madness is it to be expecting evil before it comes - Seneca
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