Market updates for 1/11/2012

 

Nifty daily chart

 

 

In today's trading session Nifty has made a small recovery from previous days close at 5597 and closed at 5619 up by 21 points. From now on previous support at 5635 should act as resistance. So a long as Nifty is below this level short positions can be held.

 

In daily chart Nifty has closed marginally above trend line support , we can expect continuation of down trend only if Nifty sustains below this trend line. RSI is indicating that downside is limited so 5500-5550 could be the bottom of this down trend.

 

Nifty monthly chart

 

 

 

Today is the end of October month so here is the analysis of monthly chart of Nifty.

 

In the month of September Nifty made a rally of around 500 points (5215-5735) and closed above the previous peak which is 5633. But this month it has closed at 5619 which is below previous peak. Apparently this look a false breakout and possibility of testing ascending trend line (blue colour arrow mark) seems to be high. Overall direction looks bullish and once Nifty tests trend line support another cycle of uptrend is likely to happen and the potential target could be up to 5950. 

 

Nifty medium term trend

 

Trend	UP
Initiation Date	08-07-12
Initiated at	5336
High since change	5815
Reversal if closes below	5580

 

 

Positions squared off

 

Scrip	Buy Price	Sell Price	P/L
Rel Capital Fut	387	419	32
Rel Capital 420 CE	20	7	-13

 

 

Open Positions

 

Scrip	Type	Price	CMP	P/L
Nifty Nov Fut	Short	5705	5643	62
Nifty 5700 Nov CE	Long	117	57	-60

 

 

Thought for the day

 

No man has ever made a great discovery without the exercise of the imagination.

 

 

 

 

 

 

 

 

Market updates for 31/10/2012

 

Nifty daily chart

 

 

Finally Nifty has breached support at 5630 and closed at 5592 down by 73 points . Nifty was testing patience of traders from past 15 days and now it has come out of the range. Traders should observe in the above mentioned chart that it has also closed below trend line support (indicated in black colour). So now the minimum target will be 5550-5530-5450.

 

Nifty medium term trend

 

Trend	UP
Initiation Date	08-07-12
Initiated at	5336
High since change	5815
Reversal if closes below	5580

 

 

Open Positions

 

Scrip	Type	Price	CMP	P/L
Nifty Nov Fut	Short	5705	5626	79
Nifty 5700 Nov CE	Long	117	56	-61
Rel Capital Fut	Short	419	399.3	20
Rel Capital 420 CE	Long	20	10.7	-9.3

 

 

Positions Squared off

 

Scrip	Buy Price	Sell Price	P/L
SBI Nov Fut	2157	2219	62
SBI Nov 2200 CE	91	59	-32

 

 

Thought for the day

 

When you are content to be simply yourself and don't compare or compete , everybody will respect you.

 

 

 

Market updates for 30/10/2012

 

Bank Nifty daily chart

 

 

Bank Nifty was facing resistance at 11520 . It  made a breakout and reached a peak of 11650. But this breakout was not sustained and it has again closed below 11520. Now the possibility of reaching 11300 is high. MACD is indicating down trend and RSI shows that there is a room for correction. Tomorrow RBI is announcing monetary policy so traders should watch out for Bank Nifty.

 

Chart of the day 

 

Rel Capital

 

 

Rel Capital was consolidating between the range 460-435 and before 2 days it has broken this range. We have initiated short at Rs.419. Expected 1st target is around Rs.400.

 

Nifty medium term trend

 

Trend	UP
Initiation Date	08-07-12
Initiated at	5336
High since change	5815
Reversal if closes below	5580

 

 

Open Positions

 

Scrip	Type	Price	CMP	P/L
Nifty Nov Fut	Short	5705	5706	-1
Nifty 5700 Nov CE	Long	117	94	-23
SBI Nov Fut	Short	2219	2182	37
SBI Nov 2200 CE	Long	91	72	-19

 

 

Thought for the day

 

Security is mostly a superstition. It doesn't exist in nature, nor do the children of men as a whole experience it. Avoiding danger is no safer in the long run that outright exposure. Life is either daring adventure or nothing. - Helen Keller

 

 

 

 

 

 

 

Market updates for 29/10/2012

 

Nifty daily chart

 

Nifty has continued to consolidate within a narrow range between 5630-5720. Nifty shut shop at 5664 down by 41 points.Short term trend of Nifty will remain down as long as it is below Rs.5720.

 

Nifty weekly chart 

 

 

 

Nifty is consolidating from past 4 weeks. If it closes below 5630 then it may reach support at ascending trend line (marked in red). So short term downtrend can be limited to the extent of 5550.

On the other hand weekly close above 5740 can take Nifty to 5820-5920.

 

Chart of the day

 

SBI

 

 

 

SBI has broken out of the consolidation between 2200-2280. We have initiated short at Rs.2220 and partial profit booked at Rs.2177.Further fall is expected.

 

 

Nifty medium term trend

 

 

Trend	UP
Initiation Date	08-07-12
Initiated at	5336
High since change	5815
Reversal if closes below	5580

 

 

Thought for the day

 

He who things he knows , doesn't know. He who knows that he doesn't know , knows. - Loa Tze

 

 

 

Market updates for 24/10/2012

 

Nifty daily chart

 

 

The stale mate in Nifty has continued for 11th trading session. Nifty is again and again testing 5720 but unable to break it.In this series Nifty may expire around 5700. If Nifty closes above 5720 then the targets are 5750-5800. On the other had if it closes below 5630 expected targets are 5600-5550-5500.

 

 

Nifty medium term trend

 

Trend	UP
Initiation Date	08-07-12
Initiated at	5336
High since change	5815
Reversal if closes below	5580

 

 

Open Positions

 

Scrip	Type	Price	CMP	P/L
Nifty Nov Fut	Short	5705	5735	-30
Nifty 5700 Nov CE	Long	117	116	-1

 

 

Positions Squared off

 

Scrip	Buy Price	Sell Price	P/L
Yes Bank Fut	387	399	-12

 

 

 

Market updates for 22/10/2012

 

Nifty daily chart

 

Nifty has once again closed below 5720 and this time closing was at 5684. I don't know when Nifty is going to come out of the range but if the breakout happens on downside it is likely to take at least an intermediary  trend line support at 5600 (indicated in black colour). The range of consolidation is around 90 points so possible target after breakout will be either 5540 or 5810.

 

Nifty weekly chart

 

 

Weekly chart of Nifty clearly indicates the resistance at 5740 which was not beached on closing basis. Major support is around 5500 and this level can change as the time progress. We cannot expect major upside rally unless Nifty closes above 5740 on weekly basis. RSI is overbought from many weeks and there is a chance of short term minor correction.

 

Currently Nifty has taken support around 5630 which is 23.6% retracement of the rally from 5034-5820. Close below this level can take Nifty to 5514-5420 which are 38.2% and 50% respectively.

 

Chart of the day

 

Jet Airways

 

 

Jet Airways has made a breakout from triangle formation.Now the first target is Rs.342.

 

 

Nifty medium term trend

 

Trend	UP
Initiation Date	08-07-12
Initiated at	5336
High since change	5815
Reversal if closes below	5580

 

 

Open Positions

 

Scrip	Type	Price	CMP	P/L
Nifty Nov Fut	Short	5705	5716	-11
Nifty 5700 Nov CE	Long	117	112	-5
Yes Bank Fut	Short	387	385	2

 

 

Positions squared off

 

Scrip	Buy Price	Sell Price	P/L
Nifty 5700 Oct CE	48	49	1

 

 

 

Thought for the day

 

We are what we repeatedly do. Excellence , then  , is not an act , but habit. 

 

 

 

 

 

 

 

 

Market updates for 19/10/2012

 

Nifty daily chart

 

 

 

Nifty has made a sharp bounce back from yesterday's close. In today's trading session it gained 58 points and closed at 5718 . Today's rally was mainly led by banking sector. But Nifty has closed within trading range 5630-5720. Sustainable breakout above 5720 is required to consider long positions.

 

Charts of the day 

 

Bank Nifty

 

 

 

Till yesterday Bank Nifty was trading within 11500-11300. Today it has closed at 11586 which is a breakout. Now it is expected to reach 11750 in short term.

 

Yes Bank

 

 

 

Day before yesterday Yes Bank lost around 3% and formed a large red candle. It closed below trend line support , 20 DMA. Momentum indicators are showing possible downtrend. Now the trend line was acting as support is acting as resistance. Stop loss for short will be close above Rs.397.

 

Zinc

 

 

 

Zinc took support at Rs.99.50 and bounced back. RSI is over sold and 99.50 will be the bottom. We have created long position around Rs.100.5 and 1 st target is Rs.102.50.

 

Nifty medium term trend

 

Trend	UP
Initiation Date	08-07-12
Initiated at	5336
High since change	5815
Reversal if closes below	5580

 

 

Open positions

 

Scrip	Type	Price	CMP	P/L
Nifty Nov Fut	Short	5705	5763	-58
Nifty 5700 Oct CE	Long	48	62	14
Yes Bank Fut	Short	387	392	-5

 

Thought for the day

 

If you judge people , you have no time to love them - Mother Teresa

 

 

 

 

 

 

 

 

 

 

Market updates for 18/10/2012

 

Bank Nifty

 

 

Consolidation has continued to happen in major index like Nifty , Bank Nifty as well as in individual stocks. Another 5 trading sessions are left for expiry and I don't think that we can see breakout on either side.

 

Above is the chart of Bank Nifty. Here consolidation is happening between 11300-11500. Sustainable close below 11300 will reach 11100 in short term.

 

Chart of the day

 

 

Reliance was unable to hold the trend line support and yesterday it has closed below trend line. Now it is likely to move towards Rs.760 in medium term.

 

Nifty medium term trend

 

Trend	UP
Initiation Date	08-07-12
Initiated at	5336
High since change	5815
Reversal if closes below	5580

 

 

Open positions

 

Scrip	Type	Price	CMP	P/L
Nifty Nov Fut	Short	5705	5692	13
Nifty 5700 Oct CE	Long	48	31	-17
Yes Bank Fut	Short	387	387.7	-0.7

 

 

Thought for the day

 

The future belongs to those who believe in the beauty of their dreams.