Market update for 19/07/2012

Nifty hourly chart

Today's trading session was volatile one. Nifty made a day low of 5170 and sustained for some time. But closing happened at 5216 up by 23 points which has trapped the bears. Unless Nifty closes below 5190 we cannot expect further fall in the market. 5190-5260 will be short term range and we may not notice a sustainable breakout in this series.

Chart of the day

 

Bank Nifty

Bank Nifty is taking a trend line support . If Bank Nifty closes below 10500 then short position can be initiated.Otherwise we can expect a bounce back.

Open Positions 

Scrip	Type	Qty	Price	CMP	P/L
LT 1400 PE	Short	250	22.35	28.7	-1587
Tata Mot 230 CE	Short	1000	2.05	1.75	300
Bajaj Auto	Long	40	1491	1521	1200
Minifty Aug fut	short	20	5216	5245	-580

Today's Trade

Scrip	Qty	Buy Price	Sell Price	P/L
Minifty Aug fut	20	5216
Bajaj Auto	40	1491

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

Care about what other people think  and you will always be their prisoner - Lao Tzu