Market updates for 07/09/2012

 

Nifty hourly chart

 

 

In hourly chart Nifty is closed above the descending trend line which was acting as resistance. First target in short term is 5277. Once this level is breached we can expect 5330-5350. Reversal of the trend will be below 5215. Technical indicators like MACD and RSI are indicating buy and we can expect recovery as long as Nifty is above 5200.

Nifty daily chart

 

 

 

Nifty has once again managed to hold 5200. There are multiple support around 5200 and since RSI is over sold downside seems to be limited. Important resistance levels are 5300-5350.

 

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	53	21.5
ACC Fut	Short	1299	1338	-39
V guard	Long	410	403.5	-6.5
Bharti	Long	256	252	-4

 

 

Positions squared off

 

Scrip	Buy Price	Sell Price	P/L
Nifty Fut	5245	5291	46
Nifty 5300 CE	77.5	55	-22.5

 

Thought for the day

 

If you realise how powerful your thoughts are you will never think a negetivee thought.