Market Update for 31/05/2012
Nifty Hourly Chart
In yesterdays trading session Nifty has given up the gains which happened after the breakout at 4955.
5000 is an important psychological level and Nifty is unable to close above that. In yesterday's trading session Nifty closed at 4950 , below the previous resistance. This is a sign of weakness. Today if Nifty closes below 4955 again then we will again notice a range bound market.Our earlier targets 5035-5075 will be achieved if Nifty closes above 5000.
Trader's should observe that in a range bound market one day there will be pessimism and another day optimism. To avoid such situations we are giving recommendations only after breakout. But unfortunately breakouts are not sustaining for longer period of time.
Since today is expiry trader should be cautious as the market is expected to be highly volatile.
BPCL Daily Chart
The trend of BPCL has turned down. Indicators like RSI and MACD has given a sell indication and the stock is trading below 20 DMA. 50 DMA at Rs.688 can act as intermediary support. Below Rs.688 we are expecting a target up to Rs.645 and stop loss above Rs.725.
Open Position
| Scrip | Type | Qty | Price | CMP | P/L |
| BPCL June fut | Short | 500 | 695.5 | 696.3 | -400 |
| BPCL June 700 CE | Long | 500 | 21.5 | 20 | -750 |
| Nifty 5000 June CE | Long | 100 | 102.65 | 87 | -1565 |
| Nifty 4900 June PE | Long | 50 | 98.5 | 114.8 | 815 |
Intraday Trades
| Scrip | Type | Qty | Buy Price | Sell Price | P/L |
| JSW Steel | Sell | 80 | 610 | 618 | 640 |
| Axis Bank | Sell | 45 | 988 | 999 | 405 |
| SBI | Sell | 10 | 1907 | 2096 | 1890 |
Result :
BEML
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