Market update for 06/07/2012

Nifty Hourly Chart

Nifty was trading in a narrow range of 56 points that is between 5362-5318. In today's trading session it has closed at 5327 up by 25 points. The range of 56 points is broken on the upside. Now the target is 5350-5400 and reversal will be below 5060.

Nifty daily chart

Nifty has formed ' raising wedge pattern ' in daily chart of Nifty. Nifty can remain in this formation for some more time. The higher side breakout can happen if Nifty closes above 5360 and lower side breakout can happen if Nifty closes below 5237. These levels can change in coming days and that will happen as per market movement.

Chart of the day

 

Sesa Goa

Sesa Goa was trading in a range of Rs.175-200 form past 3 months. This range of Rs.25 was broken yesterday that is on 04/07/2012. Sesa Goa has tested Rs.175 for 5 times and Rs.200 twice. According to me the significance of this breakout is very high. Sesa Goa has closed above Rs.200 with large volume and it is trading above 100 and 200 DMA. The expected target is Rs. 225 - 232 -240 reversal closing below Rs.180.

Open Positions

Scrip	Type	Qty	Price	CMP	P/L
Bharti	Long	200	321.6	324	480
Sesa Goa	Long	100	206	202	-400
Nifty 5200 PE	Long	50	51	37	-700
Bank Nifty fut	Long	25	10600	10630	750
Bank Nifty 10600 PE	Long	25	229	206	-575
M&M	Long	50	725	722	-150

 

Today's Trade

Scrip	Qty	Buy Price	Sell Price	P/L
SBIN	40	2185	2215	1200
Sesa Goa	100	206
Bank Nifty fut	25	10600
Bank Nifty 10600 PE	25	229
M&M	50	725

Nifty Medium term trend

Trend	Up
Initiation Date	12/06/2012
Initiated at	5116
High since change	5327
Reversal if closes below	5120

Thought for the day

'He who conquers his anger has conquered his worst enemy'