Market updates for 12/09/2012

 

Nifty daily chart

 

 

 

Nifty has continued its uptrend. During the early hourly hours of trading session Nifty was trading in red. But it started to move upward in later stages and closed at 5390 up by 26 points. MACD has given a buy indication which is a significant change in daily chart.

 

Nifty can face a hurdle around 5420-5430 which is a trend line resistance. Traders should note that earlier this trend line was at 5440 and  from that level Nifty started falling and made low of 5218.

 

 Can we expect the same?

It is difficult o answer this question . I can only say that last time at 5440 Nifty was overbought but this time chart suggest that there are chances of upside breakout. Wait for breakout.

 

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	10174	34
Bank Nifty 10100 PE	Long	153	125	-28
V guard	Long	410	401	-9
Bharti	Long	256	261.5	5.5
JSW steel Fut	Long	691	685	-6

 

Today's Trade

 

Scrip	Buy Price	Sell Price	P/L
Bank Nifty Fut	10070	10100	30

 

 

Thought for the day

 

It is not who is right , but what is right , that is important.