Market updates for 14/01/2013

Nifty weekly chart

In last week Nifty has tested an important resistance level at 6040. Candle Stick formation resembles dark cloud cover and unless Nifty breaks 6040 on closing basis we may not notice continuation of uptrend.  So in this week there are possibilities that Nifty may face pressure around 6040 and it is likely to fall towards 5900-5880-5750

Banks , Capital good and Metal sectors are looking weak and IT is looking strong.

LT

LT has breached trend line support and closed at Rs.1531. In the above chart you can see that this level is an important support zone for LT. Closing below this level will lead to further fall.

Zinc

Zinc has formed bearish engulfing pattern followed by a high wave candle with long upper shadow and RSI has indicated sell. Currently Zinc is consolidating between Rs.110-111 and closing below Rs.110 will lead to further fall.

Results on 14/01/2013

TCS , Muthoot Finance

Nifty medium term trend

 

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6041
Reversal if closes below	5800

 

Thought for the day

We are what our thoughts are made us , so take care about what you think. Words are secondary. Thoughts live long and they travel far. Swami Vivekananda