Market updates for 05/09/2012

 

 

 

Nifty has once again tested 5250 by making intraday low of 5234. Traders should note that supports and resistance are temporary in nature. If the prices of and underlying asset is reaching the support/resistance again and again then they will fall apart.

 

Nifty has made an intraday bounce back and closed at 5276 up by 23 points. At 5276 it is facing a trend line resistance in hourly chart. Short term trend of the market is down and reversal will be above 5350.

 

Nifty daily chart

 

 

 

Nifty is consolidating in a narrow region by keeping 5250 as support and at the same time it is facing selling pressure around 5300. The expected short term target is 5250-5220.

 

Open positions

 

Scrip	Type	Price	CMP	P/L
Britannia	Long	486	504.4	18.4
V guard	Long	410	407	-3
Nifty fut	Short	5291	5301	-10
Nifty 5300 CE	Long	77.5	81.5	3.5

 

 

Positions squared off

 

Scrip	Buy Price	Sell Price	P/L
IDFC fut	130	133	3
IDFC 130 CE	6.65	4.6	-2.05
Infy 2300 PE	27.5	24	-3.5

 

 

Nifty medium term trend

 

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