Market update for 11/07/2012

Nifty hourly chart

Nifty has come out of the trading range which was between 5262-5318. Now the short term targets are 5375-5400 reversal of the trend will be below 5060. Around 5400 level short term traders can exit major part of their long positions. This trend is expected to continue tomorrow as well. If Nifty comes down to 5330-5318 it will be an opportunity to take long positions and stop loss should be below 5260.

Nifty daily chart

From past few trading session Nifty was again and again testing 5300. For the third time it has closed above 5300. Now it can test 5400 levels.

Chart of the day

 

Copper

Copper has been forming lower high lower low formation from few months. On 6th July copper has breached Rs.424.65 . Targets for Copper are Rs.416-412 and below reversal above Rs.432.

Open Positions

Scrip	Type	Qty	Price	CMP	P/L
Sesa Goa	Long	100	206	200	-600
Nifty 5200 PE	Long	50	51	21	-1500
Bank Nifty fut	Long	25	10600	10758	3950
Bank Nifty 10600 PE	Long	25	229	131	-2450
M&M	Long	50	725	733.5	425

Today's Trades

Scrip	Qty	Buy Price	Sell Price	P/L
SBIN	50	2221	2229	400
Maruti	100	1205	1220	1500

Nifty Medium term trend

Trend	Up
Initiation Date	12/06/2012
Initiated at	5116
High since change	5345
Reversal if closes below	5120

 

Thought for the day

" Rather fail with honor than suceed by fraud"  - Sophocles