Market update for 17/08/2012

Nifty daily chart

On 14/08/2012 Nifty came out of the consolidation range. Now it is expected to trade between 5350-5400 before making a breakout. RSI and MACD are showing signs of slow down at 5380 levels but Nifty should be bought at every dip as long as it is above 5300. Expected targets are 5400-5440.

Nifty daily chart

Nifty has sustained above 5300-5350 levels. MACD is indicating uptrend but RSI is overbought which is a matter of concern. Major supports are at 5350-5300-5270 and Resistance are 5400-5440. Short term and medium term trend remains up.

Tata Motors 

Tata Motors has reached major resistance levels at Rs.238-242. Rs.238 is the 200 DMA and Rs.242 is the trend line resistance. Unless Tata Motors trades above these levels further uptrend cannot be expected.

Open Positions

Scrip	Type	Price	CMP	P/L
Rel Infra	Long	522	527.8	5.75
REC	Long	214.8	209.3	-5.55

 

Positions squared off

Scrip	Buy Price	Sell Price	P/L
Tata Motors	229	239	10

 

Nifty daily chart

Trend	UP
Initiation Date	07/08/20122
Initiated at	5336
High since change	5380
Reversal if closes below	5080

Thought for the day

Never look back  unless you are planning to go that way.