Nifty hourly chart
Today's trading session was very volatile in recent times. First there was a sharp decline followed major pull back. At end of the day Nifty has closed with 59 points gain. Short term reversal of Nifty was closing below 5830 which didn't happen. So uptrend in Nifty is still intact. Yesterday Bank Nifty closes below 11800 because of which our trend indicators in daily chart indicated sell. But today's close above 12000 is a clear reversal of trend. Given the fact that buying interest is back in Financial services sector market is expected to be in positive bias and Nifty might touch 5970 in coming days.
Please note that all entry points will be based on closing basis. For example yesterday it was mentioned that ICICI will fall further if it closes below 1075 which didn't happen. There is a clear difference between trading below and closing below.
Nifty medium term trend
| Trend | DOWN | |
| Initiation Date | 29-11-12 | |
| Initiated at | 5761 | |
| Low since change | 5692 | |
| Reversal if closes below | 5990 |
Commodity update
We have initiated long in Lead as it has closed above Rs.121.40. In today's session Cardamom has started uptrend as it has closed above Rs.933. Stop loss will be at least Rs.60. This is usually not recommended unless trader has stomach to digest the risk. Potential loss will be at least Rs.6000 and another major risk is it can hit circuits. At the same time reward is also high. Interested traders can contact me for more details.
Thought for the day
We are what we think.All that we are arises with our thoughts. With our thoughts we make our world. -Buddha
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