Market updates for 11/09/2012

 

Nifty hourly chart

 

 

 

After a huge rally of 100+ points Nifty has started to consolidate in a narrow range. In hourly chart Nifty is in overbought region and MACD is showing signs of slow down in the momentum.Nifty is trading at 61.8% Fibonacci retracement from the fall of 5448 to 5216. The short term is still up but reversal may happen below 5280.

 

Nifty daily chart

 

 

Nifty has sustained the breakout from 5350 levels and now it is expected to move towards 5400 gradually. In short term Nifty may become range bound between 5280-5400 and this range may reduce as the time passes. In coming days there are major events like announcement of IIP data , Inflation , RBI monetary policy and others which will decide the trend of the market.

 

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	10089	-51
Bank Nifty 10100 PE	Long	153	168	15
V guard	Long	410	396	-14
Bharti	Long	256	261	5
JSW steel Fut	Long	691	689.7	-1.3

 

 

Positions squared off

 

Scrip	Buy Price	Sell Price	P/L
Nifty 5400 CE	44	46	2
LT fut	1348	1368	20

 

 

Thought for the day

 

The imagination of suffering is more painful that actual suffering.