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.

Market updates for 15/01/2013

Nifty daily chart

Nifty is moving around trend line resistance . If it closes above 6040 then we can expect decent amount of up trend. Lets see how it is going to unfold in coming days.

Corporate results on 15/01/2013

Axis Bank , Bajaj Fin Ser , Rel Ind Infra

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

 

Any intelligent fool can make things bigger and more complex. It takes a touch of a genius and lot of courage to move in the opposite direction - Albert Einstein 

 

 

 

Evolution of a trader

Stage Two: The Rookie Trader

1) In this stage you have lost enough money to realize what you are doing is completely wrong. In other words, you start to realize that you don't know. 

2) You will then devour every trading book available. 

3) Your search for magic indicator and the holy grail starts here 

4) You will memorize every technical pattern known to man. You will read about the ADX, moving averages, Fibonacci lines, pivot points, MACD, Bollinger Bands, channels, etc 

5) You will go through the "help" tab on your data vendor to read about every single technical indicator available 

6) You will plot them on your charts and spend hours looking for an indicator that works

7) You will be extra confident now, thinking you have found the magical technical indicator

8) Yet, you still continue to lose money everyday. You realize that your indicators are lagging and that every other new trader is probably looking at the same thing. 

9) You realize that you are the sucker 

10) You are in the conscious incompetence stage 



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

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

Dear All ,

Today is 150th Birthday of Swami Vivekananda .

This is what our national leaders have said about him.

Rabindranath Tagore :

 If you want to know India, study Vivekananda. In him everything is positive and nothing negative.

Sri Aurobindo :

We perceive Vivekananda’s influence still working gigantically, we know not well how, we know not well where, in something that is not yet formed, something leonine, grand, intuitive, up heaving that has entered the soul of India and we say, ‘Behold, Vivekananda still lives in the soul of his Mother and in the souls of her children.’

Bal Gangadhar Tilak :

 Twelve centuries ago Sankaracharya was the only great personality, who not only spoke of the purity of our religion, not only uttered in words that this religion was our strength and wealth, not only said that it was our sacred duty to preach this religion in the length and breadth of the world—but also brought all this into action. Swami Vivekananda is a person of that stature—who appeared towards the last half of the 19th century.

Mahatma Gandhi :

Mahatma Gandhi v I have gone through Vivekananda’s works very thoroughly, and after having gone through them, the love that I had for my country became a thousand-fold.

Jawaharlal Nehru :

 Rooted in the past and full of pride in India’s prestige, Vivekananda was yet modern in his approach to life’s problems and was a kind of bridge between the past of India and her present. . . He was a fine figure of a man, imposing, full of poise and dignity, sure of himself and his mission, and at the same time full of a dynamic and fiery energy and a passion to push India forward

 

Netaji Subhas Chandra Bose :

 Swamiji was a full-blooded masculine personality —and a fighter to the core of his being. I can go on for hours and yet fail to do the slightest justice to that great man. He was so great, so profound, so complex. If he had been alive, I would have been at his feet.

 

Vinoba Bhave :

 Vivekananda not only made us conscious of our strength, he also pointed out our defects and drawbacks. . He taught us: ‘The same Soul resides in each and all. If you are convinced of this, it is your duty to treat all as brothers and serve mankind.’ . . . The word ‘Daridra-narayana’ (God manifested in the hungry, destitute millions) was coined by Vivekananda and popularized by Gandhiji.