Market update for 14/08/2012

Nifty hourly chart

Nifty has formed an ascending channel pattern. Nifty is trading in a narrow range 5300-5350. RSI and MACD are indicating buy in hourly chart. Long position should be considered only if Nifty sustains above 5350.Important support levels for Nifty are 5310-5300-5280 and resistance are 5350-5380-5400.

 

Nifty daily chart

Nifty is in a consolidation phase. 5350 and 5300 are the levels which are tested frequently. Trading in Nifty should be avoided for the time being. There are some stock specific movements , but the trend in individual stock may not sustain for long period of time. We are witnessing sharp pull backs and false breakouts frequently. So trade with caution.

Chart of the day

LT

LT has a Major resistance at Rs.1442. RSI is in over bought region and there is a possibility that Rs.1442 will be the peak of this rally.

Open Positions

Scrip
Type
 Price
CMP
P/L
Rel Infra
Long
522
521
-1
Tata Mot
Long
229.3
228.3
-1
LT 1300 PE
Long
20.85
18.75
-2.1

Today's Trade

Scrip
Buy Price
Sell Price
P/L
Bank Nifty 10300 PE
150
106
-44
Tata Mot 230 PE
7
8
1

Nifty Medium term trend

Trend 
UP
Initiation Date
07/08/20122
Initiated at 
5336
High since change
5347
Reversal if closes below
5080

Thought for the day

You will not be punished for your anger but you will be punished by anger.