Market updates for 04/10/2012

 

Nifty daily chart

 

 

Nifty has managed to close above 5720 which is was an important resistance level. On 21/09/2012 Nifty made a large rally and made a high of 5720. After consolidating for 6 trading sessions it has come out of the range and closed at 5731 up by 12 points. Now the targets are 5740-5820.

 

 

Nifty weekly chart

 

 

 

Nifty has a hurdle at 5740 in weekly chart. Considering the present liquidity and momentum I am sure that this hurdle will be breached in coming days and this will take Nifty to 5820.

 

Chart of the day

 

Lead

 

 

 

Lead has taken support at Rs.119.50. It has formed a triangle formation and the trading range is getting narrow. The possibility of downside breakout is high.

 

 

Nifty medium term trend

 

Trend	UP
Initiation Date	07/08/2012
Initiated at	5336
High since change	5737
Reversal if closes below	5485

 

 

Open positions

 

Scrip	Type	Price	CMP	P/L
Tata Motors Fut	Long	275	274.6	-0.4
Tata Motors 270 PE	Long	9.3	8.65	-0.65
BHEL	Long	249.5	249.9	0.4
Ambuja Cement	Long	205	215	10
Coal India	Long	364	365.2	1.2

 

 

Thought for the day

 

Success is turning knowledge into positive action. Thinking is easy , acting is difficult and to put ones thought into action is the most difficult thing in the world.