Nifty weekly chart
Nifty has started with a flat opening in the first trading session of this week. It is expected to continue its short term uptrend .
Above is the weekly chart of Nifty. After reaching a low of 5692 (spot) Nifty has bounced back. It is likely to test 6050 which is the trend line resistance. RSI is not over bought in daily chart so technically Nifty has potential to test 6050. Reversal of short term uptrend will be closing below 5840.
LIC Hsg Fin
LIC was in down trend from many weeks. On Friday's session it made a sharp bounce back . Closing above Rs.249 was the first indication of beginning of uptrend. It has closed above 20 DMA , MACD has indicated buy indication. We have initiated long in LIC Hsg Fin at Rs.251.50.
Update on Zinc
In last post I had mentioned about continuation of down trend if Zinc closes below Rs.107. Now it is trading around Rs.105. If it closes below Rs.107 traders should forget about buying Zinc. Sell on every rally as long as it is below Rs.107.
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
Only dumb people try to impress smart people. Smart people just do what they do - Chris Rock
