Market update for 13/07/2012

Nifty hourly chart

Today Nifty has closed with significant losses. Nifty closed at 5235 down by 71 points. IT sector was the biggest loser. Infosys has disappointed the street and this has led to massive sell off . Infy closed at Rs.2264 down by 8.3%.

On hourly chart Nifty has come  out of the trading range 5260-5350. 5200 is  the short tern target and reversal will be above 5300. If Nifty closes below 5200 then we can expect further fall. 5260 was acting as support and Nifty was bouncing back from this level. Now 5260 can act as resistance.

Nifty Daily chart

Nifty had formed 'raising wedge pattern. The significance of today's trading session is high as Nifty has closed below the pattern. This is a break down. Nifty should come down to earlier resistance zone 5200-5190. Below this level the target will be 5100-5070.

Chart of the day

Bharti Airtel

Bharti was one of the major losers in today's trade. It closed at Rs.306.30 down by 3%. There are many indications which shows weakness in Bharti. Earlier Bharti closed above Rs.317 indicating a breakout. The breakout was short lived and it took a U turn closing below Rs.317. Closing below 100 DMA , below an ascending trend line and MACD  indicating a sell indicating that Bharti is a short sell candidate. There is a support at Rs.302-300. Below this level Bharti can come down to Rs.290. The reversal will be closing above Rs.322.

Open Positions

Scrip	Type	Qty	Price	CMP	P/L
Sesa Goa	Long	100	206	193	-1300
Nifty Fut	Short	50	5250	5247	150
Nifty 5300 CE	Long	50	45	40	-250
Bharti 420 CE	Short	1000	2.75	2.75	0

Today's Trade

Scrip	Qty	Buy Price	Sell Price	P/L
Infy 2500 CE	125	94	5	-11125
Infy 2500 PE	125	104.5	241	17062
Nifty Fut	50		5250
Nifty 5300 CE	50	45
Bharti 420 CE	1000		2.75

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

You can tell the character of every man when you see how he receives praise. Seneca