Market updates for 30/08/2012

 

Nifty Daily Chart

 

 

Nifty has once again closed in red by closing at 5287 down by 46 points. The trend of the index is down and it is likely to test 5250-5200. Nifty has a short term support at 5280 and important  resistance  are 5350-5400. The trading strategy should be sell on peaks as long as Nifty is below 5350.

 

Chart of the day

 

REC

 

 

 

 

REC has a major support at Rs.189. If it closes below this level then the short term targets are Rs.180-175. Wait for the breakout.

 

Nifty Medium Term Trend

 

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

 

 

Open Positions

 

Scrip	Type	Price	CMP	P/L
Bank Nifty Sept 10100 PE 2 Lots	Long	160	221	122
Bank Nifty Sept 10200 CE 1 Lot	Long	240	159	-81
Britannia	Long	486	488	2

 

 

Today's Trades

 

Scrip	Buy Price	Sell Price	P/L
McDowell	962	978	16
Rel Cap Sept Fut	323	330	7

 

 

Squared off Position

 

Scrip	Buy Price	Sell Price	P/L
Nifty Sept 5300 PE	63	79	16

 

 

Thought for the day

 

You don't need anybody to tell you who you are or what you are . You are what you are.