Market updates for 05/07/2012

Nifty Hourly Chart

It was a range bound trading session. Nifty is trading in a very narrow range of 56 points that is between 5262-5318. Today Nifty closed at 5302 up by 14 points and  Nifty has closed above 5300 after nearly 2 months.

If Nifty manages to close above 5300 one more time  then the possibility of reaching 5400 will increase further.Reversal of the trend can happen if Nifty sustains below 5260.

Nifty daily chart

In daily chart of Nifty you can see a number of ' doji ' candles which is sign of indecision in the market.  July is the month of quarterly results. So according to me this month should be full of activities. Market has to come out the trading range in short period of time and the breakouts will be very swift. Don't miss the opportunities.

Open Positions

Scrip	Type	Qty	Price	CMP	P/L
Bharti	Long	200	321.6	327	1080
SBIN	Long	40	2185	2225	1600
Nifty 5200 PE	Long	50	51	42	-450

Today's Trade 

Scrip	Qty	Buy Price	Sell Price	P/L
Dr Reddy	60	1667	1642	-1500
Yes Bank	65	340.5	350	617.5
Tata Mot	100	245.5	239	-650
Bharti	200	321.6

 * All of them are positional trades.

Nifty Medium Term Trend 

Trend	Up
Initiation Date	12/06/2012
Initiated at	5116
High since change	5302
Reversal if closes below	5020

Thought for the day

Failure is the opportunity to begin again , more intelligently - Henry Ford