Nifty
In one of the earlier post it was mentioned that Nifty will start short term uptrend if it closes above 5830. Since it has closed above this level it has started uptrend and hence the theory of Nifty falling down to 5500 is not applicable for time being. MACD in daily chart is indicating uptrend and Nifty is likely to continue its uptrend for some more time.
ICICI Bank , HDFC Bank , IDFC , LT are some of the companies which have started uptrend from yesterday's and today's session. We are long in Nifty and ICICI Bank.
Financial Technology
Financial technology is one of the top loser in recent times. It has corrected nearly 400 points from peak. In technical terms it has completed 61.8% in weekly chart which is called golden ratio and RSI is over sold . There is every possibility that Rs.800 will be the bottom of Financial technology.
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
He who knows the enemy and himself will never in a hundred battles be at the risk - Sun Tzu
Let us compare this to trading - A trader who knows the market (it could be enemy for those who lost fortune because of Ego,fear,greed,hope and ignorance but not otherwise) which means the price behaviour , pattern , possible traps , risks involved and himself which means size of capital , psychological qualities like risk appetite , patience , tolerance , boldness etc may lose a few trades but will not end up in losing fortune. Does it make sense ??
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