Market updates for 10/01/2013

Nifty daily chart

In today's trading session Nifty has closed exactly at trend line support 5971. If Nifty closes below this trend line support then positional traders can short Nifty futures.

Ambuja Cement

Ambuja Cement has breached trend line support at Rs.198. Further fall is expected more details for subscribers.

Zinc

Zinc has formed inverted triangle formation . Base of the triangle is at Rs.111.25 and in yesterday's trading session this level is breached. We are bearish on Zinc from short term point of view.

 

Update on LIC Hsg Fin

 

We have initiated short in LIC Housing Finance fut at Rs.287 as it has closed below the support at Rs.288.

Nifty Medium Term Trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6020
Reversal if closes below	5800

 

Thought for the day

Human happiness and human satisfaction must ultimately come from within oneself. It is wrong to expect some final satisfaction to come from money or from a computer. - Dalai Lama

Market updates for 09/01/2012

Nifty hourly chart

Nifty has bounced back from support from 5965 and closed above 6000.  Nifty is expected to trade between 5965-6020. Since both short term and medium term trend is up trader should consider long in Nifty at every dip.

LIC Housing Finance

LIC housing finance was facing resistance at Rs. 288 . After breakout from this resistance level it reached a high of Rs.300. Traders should observe that Rs.288 which was acting as resistance is now acting as support. If LIC closes below this level we can expect fall in stock price. More details for subscribers.

Updates on Infy and LT

We had initiated long in Infy at Rs. 2355. But today our trailing stop loss at Rs.2361 is triggered. As Infy is declaring result on 11th we will recommend bearish hedging strategy to subscribers.

LT has closed below support at Rs.1585. We have initiated short in LT futures at Rs.1581. LT has indicated two false in this month. I wish this time we will earn some profit. 

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6020
Reversal if closes below	5800

 

Thought for the day

Sandalwood perfumes even the axe that hurls it down! The more we rub sandalwood against a stone, the more its fragrance spreads. Burn it, and it wafts its glory through the entire neighbourhood. Such is the enchanting beauty of forgiveness in life - Swami Chinmayananda

Market updates for 08/01/2013

Nifty daily chart

In today's trading session Nifty has closed below psychological level 6000 down by 27 points. It is facing resistance at 6025 where trend line is located. In short term Nifty is expected to trade between 6025-5965. Breakout above 6025 will take Nifty to 6100 and below 5965 it can fall to 5930-5850. RSI is showing bearish divergence. Wait for breakout.

LT

LT is trading between 1585-1660 from few trading sessions. In today's trading session it has closed exactly at trend line support. Close below 1585 for a trading session will lead to further fall.

Infy

Infy is coming out with quarterly result on 11th. Now it has started a short term up trend which might last till 10/01/2013. We have initiated long in Infy fut at Rs.2355. More details for subscribers.

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6020
Reversal if closes below	5800

Thought for the day

 

Expecting is the greatest impediment to living. In anticipation of tomorrow, it loses today. - Seneca

 

 

 

Updates on Base Metals

Base metals (Copper , Lead , Nickel , Zinc) are in a bull run from past 2 months. They have reached important resistance levels and now it is make or break situation. In today's post I have explained my observations. Please note that these are observation but not trading calls.

Copper daily chart

 Copper is facing stiff resistance at Rs.453.50 and it has completed 78.6% retracement. It need to close above this resistance for at least one trading session to continue uptrend. At Rs.453.50 RSI is not overbought so there could be possibility of breakout. Medium term reversal of the trend is below Rs.440.

Lead

Lead has been forming higher tops and higher bottom formation from past few weeks. Now it has reached an important trend line resistance at Rs.131.50 and it has completed 161.8% retracement from the fall of  131 to 107. As per My System it has started downtrend and close above Rs.130.50 will be the reversal.

Nickel

Nickel is trading within a  range that is between 930-977. It is advisable to wait for a sustainable breakout before entering into a positional trade.

Zinc

Zinc was trading between 111-114 and on 02/01/2013 it made a breakout. But this breakout was not sustained and now it has once again started trading between the narrow range. RSI is showing bearish divergence and we can expect a sustainable downtrend sooner or later. We have initiated short in Zinc at Rs.112.90.

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6020
Reversal if closes below	5800

 

Thought for the day

 

Do not act as if you were going to live ten thousand years. Death hangs over you. While you live, while it is in your power, be good. - Marcus Aurelius

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