Market update for 22/08/2012

Nifty daily chart

Nifty has continued its uptrend by closing at 5421 up by 54 points. 5400-5380 were acting as resistance but now they can act as support. As long as Nifty trades above 5350 short term trend remains up and the expected targets are 5440-5500.

Chart of the day

LT

LT had resistance at Rs.1442 and after a breakout from this level it made a high of Rs.1480. Later it started falling and today it took support at Rs.1442 region . The short term targets are Rs.1480-1500 and reversal is closing below Rs.1442.

Nifty Medium term trend

Trend	UP
Initiation Date	07/08/20122
Initiated at	5336
High since change	5425
Reversal if closes below	5180

Open Position

Scrip	Type	Price	CMP	P/L
Rel Infra	Long	522	514.5	-7.5
REC	Long	214.8	210.3	-4.5
LT	Long	1447	1467	20

Today's Trade

Scrip	Buy Price	Sell Price	P/L
LT	1447

Thought for the day

If you find a path with no obstacles , it probably doesn't lead you anywhere.