Market Update for 10/07/2012

 

Nifty hourly chart

Nifty is still in a consolidation phase and trading between 5260-5318. Unless a breakout happens it will not be a wise decision to initiate a trade in Nifty. If Nifty breaks 5318 then the expected target will be 5375 and below 5260 target will be 5200.

Nifty daily chart

Nifty has formed a raising wedge in daily chart. In today's trade it has closed at the lower part of the range that is at 5275 which increases the importance of tomorrow's trading session. Closing below 5260 can be considered as a short pull back from the recent rally. On the other hand if it closes above 5275 then the consolidation will continue.

Chart of the day

 

Ambuja Cement

In today's trading session Ambuja Cements has closed at an important support level which is at Rs.167. Other indication which indicates that this scrip is in a verge of downside break out are closing below 20 DMA which is at Rs.170.50 , MACD is indicating sell. If Ambuja cements closes below Rs.166 then initiate short position for a target of Rs. 157 and below . Stop loss will be closing above Rs.172.

Open Positions

Scrip	Type	Qty	Price	CMP	P/L
Sesa Goa	Long	100	206	196	-1000
Nifty 5200 PE	Long	50	51	44.5	-325
Bank Nifty fut	Long	25	10600	10575	-625
Bank Nifty 10600 PE	Long	25	229	222	-175
M&M	Long	50	725	730	250

 

Nifty Medium Term

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

Thought for the day

The self is the friend of a man who masters himself through the self , but for a man who without self mastery , the self is like an enemy at war. - Bhagavad Gita.