Market updates for 24/01/2013

Tata Motors daily chart

Tata Motors faced trend line resistance at Rs.336 and today it has closed below Rs.318 which was earlier peak. The breakout above Rs.318.50 was a failure and now it is likely to fall further.

Corporates results on 24/01/2013

Biocon , Coramandel Intn

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6101
Reversal if closes below	5800

Thought for the day

Pleasure is always derived from something outside you, whereas joy arises from within. - Eckhart Tolle

 

 

 

 

Evolution of a trader

Stage Six: The Expert Trader

1) In this final stage, you completely understand the markets you are trading. Being involved in it everyday you are aware of every key price level 

2) You understand market concept and are able to predict the direction of the markets a fairly good amount of time. 

3) You pat yourself on your back and take profits as soon as you feel euphoric. You do this because you understand euphoria is the same as emotional trading. 

4) You talk to other traders and realize the development stage they are in 

5) People start asking you for trading advice, you publish a book, and you have a specific trading methodology that represents you! 

6) Taking trades come naturally and you are able to get in and out at the precise price levels based on tape 

7) Instead of having the markets take your stop out, you exit when you know you are wrong. 

8) You keep your head high but remain humble on the inside. You have now officially graduated the school of the hard knocks 

9) You have reached the unconscious competence stage.

                                                               

Market updates for 23/01/2013

Nifty hourly chart

Nifty spot has breached trend line support. Now it is expected to go down to 6020-6000 and reversal will be sustaining above 6065. Since RSI in hourly chart is over bought down side could be limited to 6000 , however , if Nifty spot closes below 6000 then it may go down till 5950. Lets see

Nickel Daily chart

Nickel has tested Rs.930 twice. Now it is trading at Rs. 936 and if it closes below Rs.930 decent amount of correction is expected. More details for subscribers.

Corporate result on 23/01/2013

Deepak Fertilizer , Karnataka Bank , Phoenix Mills

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6101
Reversal if closes below	5800

Thought for the day

 

To look, without comparison, one has to understand the mind, because it is the mind that looks, it is the mind that interprets what it seeks giving it a name. The very naming of a thing by the mind becomes the way of pushing it away.  - J Krishnamurti

Evolution of a trader

Stage Five: The Consistent Trader
 

1) You rely on your trading method and start taking trades systematically. You try to aim for consistency and are meeting your daily goals often. 

2) You are fully aware of your strengths and weaknesses as a trader. 

3) At times you feel euphoric and at times you feel pain. But you are able to understand your own psychological makeup to control your emotional swings. 

4) You are now able to trade for a living 

5) You have reached the conscious competence stage 

                                                                                                    
                                                                                                          to be continued........

Market updates for 22/01/2013

Nifty hourly chart

Nifty is gradually moving towards 6100 . Positional traders can move stop loss for Nifty to 6040 and trading below this level for an hour will lead to short term dip. Overall trend will remain bullish.

Corporate results on 22/01/2013

Everest Ind , Welspun Corp

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6094
Reversal if closes below	5800

Thought for the day

 

When there is an understanding of fear, there is an understanding of all the problems related to that fear. When there is no fear there is freedom. - Jiddu Krishnamurti