Market update for 26/07/2012

Nifty hourly chart

Nifty hourly chart indicated break down in the first few hours of trading session. Day low was at 5076 but Nifty managed to recover and closing is at 5109 down by 18 points.

As per hourly chart the important resistance levels are 5165-5191. Support levels are 5100-5080. Short term trend remains down so sell Nifty on rise.Reversal of the trend is above 5200.

Nifty daily chart

Nifty is still holding 200 DMA at 5100. If Nifty closes below 5080 then major reversal of the trend can be expected.

 

Chart of the day

Glaxo

From past two days Glaxo is one the gainers in spite of Nifty closing in red. Glaxo is not the darling of speculators. It is a thinly traded stock and from past few months it was consolidating at 1980-2050.

It has gained Rs.80 in past 2 trading sessions and has closed above important moving averages like 100 and 200 DMAs. It is expected to reach a target of Rs.2200 in short term.

Open Positions 

Scrip	Type	Qty	Price	CMP	P/L
Glaxo	Long	20	2082	2150	1360
Nifty Aug fut	short	50	5126	5141	-750
Nifty Aug 5200 CE	Long	50	72	75	150

Today's Trade

Scrip	Qty	Buy Price	Sell Price	P/L
Nifty Aug fut	50	5126
Nifty Aug 5200 CE	50	72
Hero Mot	30	2022	2036	-420

Nifty Medium Term Trend

Trend	Up
Initiation Date	12/06/2012
Initiated at	5116
High since change	5345
Reversal if closes below	5090

Thought for the day 

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