Market updates for 20/09/2012

 

Nifty daily chart

 

 

 

Nifty has started to consolidate at 5600 level. Unless it closes above 5630 we cannot expect continuation of uptrend. The extension of the peaks 5348-5450 is at  5520 which is the support region.5630 could be te peak of this rally and we may notice a dip towards 5520-30. So broader range of the market will be 5630-5520. Wait for either side breakout on closing basis.

 

Chart of the day

 

Hero Mot

 

 

 

 

Before few trading sessions buy on Hero Mot fut was recommended. The rationale behind this decision is the trend line breakout. Entry an exit price were 1825 and 1870 respectively.

 

 

Nifty medium term trend

 

Trend	UP
Initiation Date	07/08/2012
Initiated at	5336
High since change	5586
Reversal if closes below	5320

 

Positions squared off

 

Scrip	Buy Price	Sell Price	P/L
Infy Fut	2597	2566	-31

 

 

Intraday Trades

 

Scrip	Buy Price	Sell Price	P/L
Idfc Fut	149	151	2

 

Thought for the day

 

If Jesus , Moses , Buddha  and Mohammed were to bump into each ther along the road and go have a cup of tea or whatever , I think we all know they would treat one another far different and far better than a lot of their followers would - Brian  Mclaren