Market updates for 02/11/2012

 

Nifty daily chart

 

 

 

Nifty has bounced back from the trend line support and once again it has closed at 5645 which is above the earlier support 5635. Now once again it likely to move towards 5720. Since there are lot of ambiguity about short term direction of market and also since breakout was not sustained traders should not consider positional trades in Nifty for sometime. In fact today we have squared off positions in Nifty and initiated bearish strategy in LT.

 

Nifty medium term trend

 

Trend	UP
Initiation Date	08-07-12
Initiated at	5336
High since change	5815
Reversal if closes below	5580

 

 

Open Positions

 

Scrip	Type	Price	CMP	P/L
LT Nov 1650 PE	Buy	51	46	-1250
LT Nov 1600 PE	Sell	28	24	1000

 

 

Positions Squared off 

 

Scrip	Buy Price	Sell Price	P/L
Nifty Nov Fut	5705	5675	1500
Nifty 5700 Nov CE	117	65	-2600
Total			-1100

 

Thought for the day 

 

The road to success is always under construction.

 

 

 

 

 

Market updates for 1/11/2012

 

Nifty daily chart

 

 

In today's trading session Nifty has made a small recovery from previous days close at 5597 and closed at 5619 up by 21 points. From now on previous support at 5635 should act as resistance. So a long as Nifty is below this level short positions can be held.

 

In daily chart Nifty has closed marginally above trend line support , we can expect continuation of down trend only if Nifty sustains below this trend line. RSI is indicating that downside is limited so 5500-5550 could be the bottom of this down trend.

 

Nifty monthly chart

 

 

 

Today is the end of October month so here is the analysis of monthly chart of Nifty.

 

In the month of September Nifty made a rally of around 500 points (5215-5735) and closed above the previous peak which is 5633. But this month it has closed at 5619 which is below previous peak. Apparently this look a false breakout and possibility of testing ascending trend line (blue colour arrow mark) seems to be high. Overall direction looks bullish and once Nifty tests trend line support another cycle of uptrend is likely to happen and the potential target could be up to 5950. 

 

Nifty medium term trend

 

Trend	UP
Initiation Date	08-07-12
Initiated at	5336
High since change	5815
Reversal if closes below	5580

 

 

Positions squared off

 

Scrip	Buy Price	Sell Price	P/L
Rel Capital Fut	387	419	32
Rel Capital 420 CE	20	7	-13

 

 

Open Positions

 

Scrip	Type	Price	CMP	P/L
Nifty Nov Fut	Short	5705	5643	62
Nifty 5700 Nov CE	Long	117	57	-60

 

 

Thought for the day

 

No man has ever made a great discovery without the exercise of the imagination.

 

 

 

 

 

 

 

 

Market updates for 31/10/2012

 

Nifty daily chart

 

 

Finally Nifty has breached support at 5630 and closed at 5592 down by 73 points . Nifty was testing patience of traders from past 15 days and now it has come out of the range. Traders should observe in the above mentioned chart that it has also closed below trend line support (indicated in black colour). So now the minimum target will be 5550-5530-5450.

 

Nifty medium term trend

 

Trend	UP
Initiation Date	08-07-12
Initiated at	5336
High since change	5815
Reversal if closes below	5580

 

 

Open Positions

 

Scrip	Type	Price	CMP	P/L
Nifty Nov Fut	Short	5705	5626	79
Nifty 5700 Nov CE	Long	117	56	-61
Rel Capital Fut	Short	419	399.3	20
Rel Capital 420 CE	Long	20	10.7	-9.3

 

 

Positions Squared off

 

Scrip	Buy Price	Sell Price	P/L
SBI Nov Fut	2157	2219	62
SBI Nov 2200 CE	91	59	-32

 

 

Thought for the day

 

When you are content to be simply yourself and don't compare or compete , everybody will respect you.

 

 

 

Market updates for 30/10/2012

 

Bank Nifty daily chart

 

 

Bank Nifty was facing resistance at 11520 . It  made a breakout and reached a peak of 11650. But this breakout was not sustained and it has again closed below 11520. Now the possibility of reaching 11300 is high. MACD is indicating down trend and RSI shows that there is a room for correction. Tomorrow RBI is announcing monetary policy so traders should watch out for Bank Nifty.

 

Chart of the day 

 

Rel Capital

 

 

Rel Capital was consolidating between the range 460-435 and before 2 days it has broken this range. We have initiated short at Rs.419. Expected 1st target is around Rs.400.

 

Nifty medium term trend

 

Trend	UP
Initiation Date	08-07-12
Initiated at	5336
High since change	5815
Reversal if closes below	5580

 

 

Open Positions

 

Scrip	Type	Price	CMP	P/L
Nifty Nov Fut	Short	5705	5706	-1
Nifty 5700 Nov CE	Long	117	94	-23
SBI Nov Fut	Short	2219	2182	37
SBI Nov 2200 CE	Long	91	72	-19

 

 

Thought for the day

 

Security is mostly a superstition. It doesn't exist in nature, nor do the children of men as a whole experience it. Avoiding danger is no safer in the long run that outright exposure. Life is either daring adventure or nothing. - Helen Keller

 

 

 

 

 

 

 

Market updates for 29/10/2012

 

Nifty daily chart

 

Nifty has continued to consolidate within a narrow range between 5630-5720. Nifty shut shop at 5664 down by 41 points.Short term trend of Nifty will remain down as long as it is below Rs.5720.

 

Nifty weekly chart 

 

 

 

Nifty is consolidating from past 4 weeks. If it closes below 5630 then it may reach support at ascending trend line (marked in red). So short term downtrend can be limited to the extent of 5550.

On the other hand weekly close above 5740 can take Nifty to 5820-5920.

 

Chart of the day

 

SBI

 

 

 

SBI has broken out of the consolidation between 2200-2280. We have initiated short at Rs.2220 and partial profit booked at Rs.2177.Further fall is expected.

 

 

Nifty medium term trend

 

 

Trend	UP
Initiation Date	08-07-12
Initiated at	5336
High since change	5815
Reversal if closes below	5580

 

 

Thought for the day

 

He who things he knows , doesn't know. He who knows that he doesn't know , knows. - Loa Tze