Market update for 26/09/2012

 

Nifty daily chart

 

 

 

 After a large rally of 250 points now Nifty is consolidating in a narrow range. It is facing resistance at 5700 levels.  New long positions can be considered only if Nifty sustains above 5720. September series is expiring in another 2 days and it may happen around 5700. Since RSI is in overbought region upside looks limited.

 

Chart of the day

 

Bank Nifty

 

 

 

Bank Nifty is facing resistance at 11450 level and RSI is overbought. If it fails to close above 11450 in 2-3 trading sessions then short can be considered.

 

Nifty medium term trend

 

Trend	UP
Initiation Date	07/08/2012
Initiated at	5336
High since change	5720
Reversal if closes below	5485

 

 

Open positions

 

Scrip	Type	Price	CMP	P/L
Nifty SeptFut	Long	5705	5685	-20
Nifty 5700 Sept PE	Long	45	33	-12

 

 

Intraday Trades

 

Scrip	Buy Price	Sell Price	P/L
LIC Hsg Oct Fut	285.5	279	-6.5
LIC Hsg Oct 280 CE	12.5	15.5	3

 

 

Thought for the day

 

Happiness is a butterfly  which when pursued is always just beyond your grasp . But  if you sit down quitely it may alight upon you.