Market update for 17/07/2012

Nifty hourly chart

Today Nifty closed with moderate decline at 5197 down by 30 points. IT , metal , auto and capital goods sector lost significantly.

Nifty has closed below the previous trading sessions low and it has breached the psychological level of 5200. However it has bounced back from the previous resistance at 5190 which is an important support. 5190 is the last hope for bulls and below this level market may reach 5100 and much below.The short term trend remains down and reversal of the trend can happen only above 5260.

Nifty daily chart

In the last post it was indicated that 20 DMA at 5218 is acting as important support. Today Nifty has closed below this level indicating that bears are back. Closing below 5190 will take Nifty to 5100.

Chart of the day

LT has shown weakness by closing below the channel support. It has also closed below 20 DMA at 1485 and MACD is indicating downtrend. There is an intermediary support at Rs.1380 and once this level is breached LT can reach Rs.1360 levels. Reversal of the trend will happen if it closes above Rs.1400.

Open Positions

Scrip	Type	Qty	Price	CMP	P/L
Bharti 420 CE	Short	1000	2.75	5.75	-3000
Nifty Fut	Short	50	5250	5208	2100
Nifty 5300 CE	Long	50	45	20	-1250
LT 1400 PE	Short	250	22.35

 

Today's Trade

Scrip	Qty	Buy Price	Sell Price	P/L
Rel Infra	100	537.5	544	-650
LT 1400 CE	250		22.35

 

Nifty Medium term trend

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

 

Results

Axis Bank , Bajaj Fin

 Thought for the day

Destiny is not a matter of chance , it is a matter of choice. It is not a thing to be waited for it is a thing to be achieved.