Market update for 24/08/2012

 

Nifty daily chart

 

 

As expected 5440 is acting as resistance . Nifty made an attempt to break 5440 by reaching 5448 but closing has happened at 5415 up by 2.5 points. 5380-5350 are important support levels and I would like to initiate short only below 5350. Yes , we may find many intraday short sell opportunities but sustainable down trend can be expected only if Nifty closes below 5350. So 5440 and 5350 are levels to watch.

Chart of the day

LT

 

 

 

Before few trading session LT breached the resistance at Rs.1441 and reached Rs.1480. But today it has closed below Rs.1441 which may indicates weakness in the chart. In short term LT is expected to take trend line support at around Rs. 1420  and if this trendline support is breached than we may notice major fall.

 

Nifty medium term trend

 

Trend	UP
Initiation Date	07/08/20122
Initiated at	5336
High since change	5448
Reversal if closes below	5180

 

 

Open Position

 

Scrip	Type	Price	CMP	P/L
Rel Infra	Long	522	501	-21

 

 

Thought for the day

 

Everyone things of changing the world but nobody things about changing themselves.