Market updates for 06/09/2012

 

Nifty hourly chart

 

 

 

Nifty has closed below 5250 which was an important support. Nifty shut shop at 5225 down by 48 points. Today's fall was lead by banks , metals and auto sector.

 

In hourly chart Nifty has formed a wedge formation and the trading range is becoming narrow gradually . Breakout from this range may happen in one or two trading session. Wait for the breakout to happen.

 

Nifty daily chart

 

 

 

Nifty has closed near major support at 5220. This is a 'make or break' situation. So far Nifty has formed higher high higher low formation in daily chart. If the trend line support is breached then Nifty may fall atleast till 5130 which is 200 DMA.

 

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
ACC 1300 CE	Long	31.5	33.5	2
ACC Fut	Short	1299	1302	-3
V guard	Long	410	409	-1
Nifty fut	Short	5291	5252	39
Nifty 5300 CE	Long	77.5	57	-20.5

 

Positions squared off

 

Scrip	Buy Price	Sell Price	P/L
Britannia	486	504	18

 

Thought for the day

 

If you have the courage to begin you have the courage to suceed.