Market updates for 21/01/2013

 

Nifty weekly chart

Last week I had mentioned a possibility of Nifty falling down till 5750 before continuing its uptrend as it had reached a very important resistance level. But Mr.Market had proved that I was wrong.

This week Nifty has closed above the trend line resistance and there is every possibility that next week we will notice good amount to upside . 

JSW Steel weekly chart

JSW steel has breached trend line resistance at Rs.860. The above mentioned channel is formed over a period of 8 months and so the importance of this breakout is very high. This is a great opportunity to go long in JSW Steel . More details for subscribers.

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6083
Reversal if closes below	5800

Thought for the day

Generosity is giving more than you can and pride is taking less than you need - Khalil Gibran