Market updates for 28/09/2012

 

Nifty daily chart

 

 

 

Nifty has continued consolidating between  a narrow range. Since Nifty is in overbought territory it is likely to fall down to 5630-5600 levels before resuming another cycle of uptrend.

 

Chart of the day

 

CNX IT

 

 

 

CNX IT has broken down the channel. MACD is indicating downtrend. In today's trading session except HCL Tech most of the other stocks were under pressure. Avoid long position in IT stocks.

 

Nifty medium term trend

 

Trend	UP
Initiation Date	07/08/2012
Initiated at	5336
High since change	5720
Reversal if closes below	5485

 

Open Positions

 

Scrip	Type	Price	CMP	P/L
Rel Cap	Long	432	432.3	0.25

 

 

Positions squared off

 

Scrip	Buy Price	Sell Price	P/L
Tata Motors Oct Fut	261.5	266.9	5.4
Tata Motors Oct 270 CE	9.7	7.4	-2.3

 

Thought for the day

 

The lure of the distant is deceptive. The great opportunity is where you are.