Market updates for 26/11/2012

 

Nifty daily chart

 

 

 

Nifty is consolidating between 5570-5630. I was expecting Nifty to reach 5500 in this expiry but so far there is no signs of breakout.  Nifty has tested the trend line thrice , so the importance of this trend line is very high. Whenever a trend line / support / resistance is tested many number of times it becomes vulnerable. Lets wait for break out.

 

Nifty Weekly chart

 

 

 

Nifty has continued to form higher top and higher bottom. 5570 is acting as the base and 5740 is the resistance.  It is already repeated many times that Nifty should close above 5740 on weekly  basis to reach 5900.

 

Chart of the day

 

Dow Jones Industrial Average

 

 

Dow Jones was in down trend after elections. Now it has closed above 200 DMA and also above 12990 which was a critical resistance. Now it is likely to move towards 13300. Will Indian market participate in the rally?? Lets see.

 

Nifty medium term trend

 

Trend	DOWN
Initiation Date	16-11-12
Initiated at	5574
Low since change	5549
Reversal if closes below	5800

 

 

Thought for the day

 

Better is bread with a happy heart than wealth with vexation - Amenemop

 

 

 

 

 

Market updates for 23/11/2012

 

Nifty daily chart

 

 

Nifty is unable to break trend line support at 5570 and now it has bounced back to previous support 5630. In yesterday's post it was mentioned that 5630 which was acting as support can act as resistance and same thing has happened in today's session. 

 

Nifty made a intraday  high of 5630 it was unable to close above it. So as long as Nifty is below 5630 short term trend will remain down. It may be too early to talk about expiry but according to me this expiry may happen around 5600. Lets see.

 

Nifty medium term trend

 

Trend	DOWN
Initiation Date	16-11-12
Initiated at	5574
Low since change	5549
Reversal if closes below	5800

 

Thought for the day 

 

He who seeks more than he needs hinders himself from enjoying what he has. - Hebrew Proverb

 

 

 

 

 

 

 

Market updates for 22/11/2012

 

Nifty daily chart

 

 

 

Nifty has once again bounced back from support line. Now the expected trading range is between 5570-5630. Traders who follow breakout trading system should wait for breakout to get high probability entry point. Above 5630 Nifty can reach 5680-5720-5800.On the other hand if it closes below 5570 then target will be 5500-5400.  5630 which was acting as support can act as resistance.

 

Charts of the day

 

SBI

 

 

We had initiated short in SBI at 2150 levels and profit was book at 2060 levels. Break out from 2060 can lead to further fall.

 

Nickel

 

 

Nickel has shown good amount of strength in past few days . We have initiated long position in Nickel around Rs.900. Partial profitwas booked around Rs.914 expecting further upside.

 

 

Nifty medium term trend

 

Trend	DOWN
Initiation Date	16-11-12
Initiated at	5574
Low since change	5549
Reversal if closes below	5800

 

 

Thought for the day

 

The reason I know so much is because I have made so many mistakes - R Buckminster Fuller

 

 

 

Market updates for 21/11/2012

 

Nifty daily chart

 

 

Nifty has once again made a flat close around support zone 5575. In yesterday's post we had estimated that 5585-5630 are the resistance levels. So even though Nifty made a high of 5613 it couldn't sustain at those levels.

 

Traders should also note the point that yesterday Europe and US markets have rallied significantly but Indian and other Asian markets didn't participate in the rally. Many Index stocks have breached their important support level and I am expecting Nifty to reach 5500 shortly . However reversal of the short term trend will be close above 5630.

 

Nifty medium term trend

 

Trend	DOWN
Initiation Date	16-11-12
Initiated at	5574
Low since change	5549
Reversal if closes below	5800

 

 

Thought for the day

 

Real difficulties can be overcome. It is the imaginary ones which are unconquerable.

 

 

 

 

 

 

Market updates for 20/11/2012

 

Nifty daily chart

 

 

After breaking support at 5630 Nifty has taken support around 5575. In today's trading session it made a low of  5549 but bounced back and closed at 5576. Important resistance for Nifty will be 5585-5630. If Nifty closes above 5630 then that could be the reversal of short term down trend.

 

Even though primary trend of Nifty is up there is   a lower high formation in daily chart which is a matter of concern. In fact trend line support at 5575 is the level which is supporting Nifty all other technical indications are showing down trend.

 

Chart of the day

 

SBI daily chart

 

 

Few days back bearish strategy in SBI was executed around Rs.2150. On Friday's trading session it has breached an important trend line support. As long as SBI is below Rs.2145 trend will remain down.

 

Nifty medium term trend

 

Trend	DOWN
Initiation Date	16-11-12
Initiated at	5574
Low since change	5549
Reversal if closes below	5800

 

 

Thought for the day 

 

One moment of patience may ward off  great disaster. One moment of impatience may ruin a whole life.