Market updates for 02/01/2013

 

SBI Daily Chart

 

                                             

 

SBI was one of the top performer in today's trading session as it was up by 1.7%. The significant development in daily chart of SBI is it has breached trend line resistance at Rs.2420. Further upside is expected.

 

LT Daily chart

 

LT is trading within in a channel. Support is around Rs.1600-1580 and resistance is around Rs.1640. Breakout from Rs.1640 will take LT to much higher levels.

 

Nifty Monthly Chart

 

Nifty is moving in a ascending channel. A trend line in monthly chart  is drawn by joining 5177 and 5630 (marked in circles) and this trend line resistance at 6100 can act a major resistance in coming days. So one argument will be rally from 6100-6300 may not be an easy one. On the other hand we may also think that since lot of money is flowing into Indian market from FIIs this trend line might be breached. Lets see !!?

 

Nifty medium term trend

 

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	5960
Reversal if closes below	5680

 

Thought for the day

Tell me, why is the media here so negative? Why are we in India so embarrassed to recognise our own strengths, our achievements? We are such a great nation. We have so many amazing success stories but we refuse to acknowledge them. Why?
~~~ Abdul Kalam

 

 

 

 

 

 

Market updates for 31/12/2012

 

Nifty daily chart

 

 

 

Nifty is in a consolidation mode from past 1 month and breakout is expected to happen in one or two trading sessions.

 

Whole world is closely watching developments about ' Fiscal Cliff' and the impact will be known on Tuesday morning that is on 1/1/2013. So don't hold too many positions. Traders can consider initiating position based on direction of breakout.

 

Nifty weekly chart

 

 

 

From past one month Nifty has failed to break barrier at 5950. Breakout from this level on daily or weekly basis will take Nifty to 6150.

 

Copper daily chart

 

 

Copper is consolidating between 441-438. It has resistance at Rs.442 and if it sustains above this level then it can reach Rs.447.

 

M&M weekly chart

 

 

 

M&M has exactly closed at support in Weekly chart. A weekly close below Rs.925 will lead to further fall in stock price. Wait for breakout.

 

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

 

It is true that even across the Himalayan barrier India has sent to us such unquestionable gifts as grammar and logic, philosophy and fables, hypnotism and chess, and above all our numerals and our decimal system. But these are not the essence of her spirit; they are trifles compared to what we may learn from her in the future.~ Will Durant (American philosopher)

 

 

Market estimates for 28/12/2012

 

DJIA

 

 

 

After testing resistance at 13300 Dow Jones in in down trend. It is likely to test 13000 in short term where 200 DMA is situated.

 

M&M

 

 

M&M is one of the top performers in this rally. It is moving in a ascending channel and today it has reached an important trend line support. Since overall direction of the market is bullish it is likely to bounce. However if it closes below the trend line resistance then it is likely to fall further.

 

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 conquered and dominated china culturally for 20 centuries without ever having to send a single solider across her boarder - Hu Shih (Chinese Ambassador to USA)

 

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)