Market updates for 10/09/2012

 

Nifty daily chart

 

 

On previous trading sessions Nifty has managed to protect the support at 5220. Nifty made a big gap up open and  closed above 5300. On Saturday's special trading session resistance at 5350 was breached and now Nifty is likely to move up to 5400-5440.

 

In daily chart Nifty is forming higher high and higher low which is a bullish chart structure.Nifty has started another cycle of uptrend and this time  if it closes above 5440 then the target will be 5500-5600.  As long as Nifty is above the ascending trend line (marked in red) the short to medium term trend of Nifty will remain up. 

 

Nifty weekly chart

 

 

Nifty is facing resistance at 5400.It may not be possible to breach 5400 so easily as there are multiple resistances like 71.6% retracement of the fall from 5623-4764 and trend line resistance.Even though Nifty reached a high of 5448 the closing was below 5400. A weekly close above 5400 is required  to reach 5500 and 5600.

 

Nifty medium term trend

 

Trend	UP
Initiation Date	07/08/2012
Initiated at	5336
High since change	5448
Reversal if closes below	5180

 

 

Open Positions

 

Scrip	Type	Price	CMP	P/L
Bank Nifty fut	Long	10140	10165	15
Bank Nifty 10100 PE	Long	153	143	-10
V guard	Long	410	403.5	-6.5
Bharti	Long	256	254.5	-1.5
Nifty 5400 CE	Long	44	48	4

 

 

Positions squared off 

 

Scrip	Buy Price	Sell Price	P/L
ACC 1300 CE	31.5	65	33.5
ACC Fut	1299	1347	-48

 

 

Thought for the day

 

You aren't wealthy until you have something money can't buy