Market updates for 16/01/2013

Axis Bank

Axis Bank has breached trend line resistance at Rs.1410. More over it is forming higher top and higher bottom formation which is a bullish sign. More up side is possible.

ITC

Before few trading sessions ITC breached trend line support at Rs.280 and made a low of Rs.273.  You can observe in the daily chart of ITC that it has once again closed above the trend line resistance and in fact ITC was one of the top gainers in today's trading session. We have initiated long in ITC.

Results on 16/01/2013

Bajaj Auto , Bajaj Holdings , Yes Bank , TTK Prestige 

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6068
Reversal if closes below	5800

 

Thought for the day

 

A leader is best when people barely know he exist , when his work is done , his aim is fulfilled , they will say we did it our self.  Loa Tzu 

Evolution of trader

Stage Three: The Developing Trader

 

1) You start to realize the amount of work required and the immense learning curve that you must overcome to understand the markets, maximum pessimism is experienced here

2) At this point, traders may find it overwhelming and quit. Stronger minded traders will push their motivation harder to start their second spurt for knowledge 

3) Hunger and passion is needed to clear this stage 

4) You will ask a thousand questions and bug every professional trader you meet. You will read a thousand day trading articles 

5) You will start paper trading, develop strategies and setups, and define risk parameters for every trade 

6) You will go on a hunt for self-understanding to master your psychological game 

7) You will visualize every possibility on a trade before you take it.

8) This is the true learning phase. You are trying hard to develop your edge in trading.

                                                                                                  to be continued............

Copper daily chart

In yesterday's trading session copper has breached trend line resistance at Rs.444 and closed at Rs.440.55. We have initiated short at Rs.441.00 . More details for subscribers.