Market updates for 03/08/2012

Nifty hourly chart

Today's trading session was a choppy trading session. Nifty moved in a narrow range of 30 points.

Nifty has come out  of the raising wedge formation and traded below 5220.  New long positions can be considered only if it sustains above 5250. Indicators  like RSI and MACD are indicating sell and possibility of Nifty moving towards 5150 has increased.  

Nifty daily chart

Nifty is consolidating in a narrow range from past three trading sessions. 5210-5250 is the trading range. Do not take any position in Nifty until it breaks the range.If Nifty closes below 5200 then it can come down to 100 DMA which is at 5145. Above 5250 Nifty can reach 5300.

Chart of the day

 

Tata Motors

Tata Motors is one of the top gainers in recent times. It made a bottom at Rs.203 and bounced back to Rs.229. Tata Motors has been forming lower top and lower bottom from last few months and it can bullish if it closes above Rs.237 which is 200 DMA.

The uptrend in Tata Motors has come to a temporary halt since it has reached a descending trend line drawn by joining Rs.317-309-247. Today Tata Motors closed at Rs.222.7 down by 2% indicating that trend line is acting as strong resistance. Continuation in uptrend can be expected if Tata Motors closes above Rs.228.

Open Positions

Scrip	Type	Price	CMP	P/L
SBI	Long	2015	2011	-4
Rel Infra	Long	507	510.35	2
Tata Mot 220 PE	Long	7.5	7	-0.5

Today's Trade

Scrip	Buy Price	Sell Price	P/L
Tata Mot 220 PE	7.5

Nifty Medium Term Trend

Trend	Down
Initiation Date	26/07/2012
Initiated at	5043
Low since change	5043
Reversal if closes above	5283

 

Thought for the day

We are what we repeatedly do . Excellence , is then , not an act but habit.