Market estimates for 27/12/2012

 

Nifty daily chart

 

 

Nifty has once again bounced back from the support at 5840 and closed at 5905. Since 5840-5950 is the trading range , now it is likely to test 5950. Positional traders should avoid trading in Nifty till breakout happens. If Nifty closes above 5950 then expected target is 6050. As the short term and medium trend of Nifty is up I am expecting breakout on upside. Lets wait and watch.

 

Bank Nifty daily chart 

 

 

 

Bank Nifty is also consolidating in a narrow range that is between 12230-12550. If it closes above 12550 then expected target is 12800.

 

Nifty medium term trend

 

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	5950
Reversal if closes below	5680

 

 

Thought for the day

 

India is the cradle of human race , the birth place of human speech , the mother of history , the grand mother of legend and great grand mother of tradition. Our most valuable and most artistic materials in the history of man is treasured in India - Mark Twain (American Writer)

 

 

 

 

Market estimates for 24/12/2012

 

Nifty daily chart

 

 

Nifty has once again tested 5840 support . From past few days Nifty is trading between 5840-5950 and we need a breakout to enter into a high probability trade. RSI is around 50 indicating that further downside that is till 5700 is possible. Traders can consider if Nifty sustains below 5820.

 

Nifty weekly chart

 

 

From past 3 weeks Nifty is unable to break 5950 resistance . Nifty is expected to go down till 5700 before resuming uptrend. Since Nifty is forming higher high , higher low it might break 5950 in next cycle. This formation will change if Nifty breaks 5700 on lower side .

 

Charts of the day

 

LT

 

 

LT was one of the top losers on Friday's trading session. It has breached an important support at Rs.1600 (red colour trend line) . It is expected to go down further.

 

HDFC Bank

 

 

This is the weekly chart of HDFC Bank. After breaking trend line resistance at Rs.660 it made a high of Rs.700. Now it has closed at trend line support and if it closes below this trend line support on weekly basis further fall is expected.

 

Nifty medium term trend

 

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	5950
Reversal if closes below	5680

 

 

Thought for the day

 

If I were asked under what sky the human mind has most fully developed some of its choicest gifts  , has most deeply pondered on greatest problems of life and has solutions I should point to India - Max Muller (German Scholar)

 

Market updates for 21/12/2012

 

Metal Sector Stocks

 

There are breakouts in Blue Chip metal sector companies. So today's updates is only about Metal stocks.

 

Tata Steel

 

 

 

 

Hindalco

 

 

 

JSW Steel

 

 

 

In the above charts you can see that Tata Steel and Hindalco has breached resistance and further uptrend is expected. On the other hand JSW Steel has reached important resistance level. Tomorrow is the last trading day of  week and lets see the closing.

 

Nifty medium term trend

 

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	5950
Reversal if closes below	5680

 

 

Thought for the day

 

When I read Bhagavad Gita and reflect about how god created this universe everything else seems so superfluous - Albert Einstein

 

Market estimate for 20/12/2012

 

Nifty daily chart

 

 

Nifty has continued its uptrend and today it made a high of 5939. It can face resistance at 5950 and once this level is breached we can expect a target of 6000-6150-6300. Of course all these targets will not be reached within a day or two. Wait for breakout above 5950 (spot).

 

Madras Cement

 

 

Madras Cement is in a bull run from past 6 months and today it breached previous high at Rs.220. We have initiated long at Rs.211 and continuation of the trend is expected.

 

Silver

 

 

Silver is looking weak in daily chart . It has formed lower high formation and support is around Rs.60,000. Further fall is expected if breakout from this level happens. Lets see.

 

Nifty medium term trend

 

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	5950
Reversal if closes below	5680

 

Thought for the day

 

Man is only partially satisfied in his attempt to have the fulfilment of his desires. And this partial satisfaction fans and increases the flame of craving instead of extinguishing it . So greed always finds an endless field of  conquest and leaves the man endlessly dissatisfied - Meher Baba

 

 

Market estimates for 19/12/2012

 

JSW Steel

 

 

 

In yesterday's post analysis of JSW Steel was uploaded and as expected it not only reached Rs.790 but also surpassed the target and made a high of Rs.814. I hope you all have enjoyed the profit. Further upside is expected.

 

REC

 

 

 

REC is one of the top gainers in today's trading session. The stock was up nearly by 5%. It has closed at a critical resistance level. Wait for breakout to initiate long position.

 

Commodity Chart

 

Lead

 

 

Lead has breached trend line support at Rs.125 and at this point of time it is trading at Rs.126.20. We are bullish on lead from short term point of view.

 

Nifty medium term trend

 

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	5950
Reversal if closes below	5680

 

 

I always say to my clients not to depend on 'News'. But few traders are able to understand the point. Today there was an expectation that RBI will cut CRR but that didn't happen. So Nifty started falling but later on it made a bounce back and closed at 5894 up by 36 points. Trade according to time tested method.

 

Thought for the day

 

There is neither past nor future . There is only present . Yesterday was the present to you when you experienced it , and tomorrow is the present when you experience it. Therefore experience exists only in the present and beyond experience nothing exists - Ramana Maharshi