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

Market updates for 21/01/2013

 

Nifty weekly chart

Last week I had mentioned a possibility of Nifty falling down till 5750 before continuing its uptrend as it had reached a very important resistance level. But Mr.Market had proved that I was wrong.

This week Nifty has closed above the trend line resistance and there is every possibility that next week we will notice good amount to upside . 

JSW Steel weekly chart

JSW steel has breached trend line resistance at Rs.860. The above mentioned channel is formed over a period of 8 months and so the importance of this breakout is very high. This is a great opportunity to go long in JSW Steel . More details for subscribers.

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6083
Reversal if closes below	5800

Thought for the day

Generosity is giving more than you can and pride is taking less than you need - Khalil Gibran

 

Evolution of a trader

Stage Four: The Determined Trader

1) This is the stage in which you learn to specialize in certain markets and trading methods 

2) Without realizing it, you have finally found your style of trading after hours of hard work and research. You stick to your method and you improve it 

3) You realize that you need an edge whether its tape reading or being a Fibonacci expert. The important thing is you are slowly transforming yourself into a specialized trader 

4) You test your methods and they seem to work. You gain tremendous market knowledge. 

5) You reflect back on yourself and you can't help but laugh at your foolishness. 

6) Although you have not made enough money to call yourself successful you are proud of your journey and accomplishments 

7) You realize that the Holy Grail is not about technical indicators or price patterns 

8) You calculate risk before profits and place strict money management on all your trades.

9) You cut losses short and learn to scale out on your winners. 

10) You start accept losing as a natural part of the game 

11) You take high probability trades that you have tested and feel confident about your setups 

because you understand that trading is a game of probabilities 

12) Your psychological makeup has changed from an amateur mindset to a professional one.