Market update for 27/08/2012

 

Nifty daily chart

 

 

On Friday's trading session Nifty has closed below 5400 that is at 5386 down by 28 points. 5440 is a major resistance and now the supports are at 5380-5350. 14 day RSI is in overbought region and so far MACD has not indicated sell. If Nifty closes below 5350 then it may come down to 5300-5250.

Nifty weekly chart

 

 

 

In weekly chart Nifty is forming higher top and higher bottom. But 5440 is checking the uptrend. If Nifty cannot break 5440 then there are possibilities of reaching 5250 and after reaching this level another cycle of uptrend can resume.

 

Chart of the day

 

Rel Infra

 

 

 

Rel Infra is one of the under performer in the recent rally of the market. It has breached important support level and expected to continue the downtrend.

 

Nifty medium term trend

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

 

 

Position squared off

 

Scrip	Buy Price	Sell Price	P/L
Rel Infra	522	484	-38

 

 

Thought for the day

There are two ways to get enough one is continue to accumulate more and more another is desire less.