Market updates for 09/10/2012

 

Nifty daily chart

 

 

Nifty has started short term down trend by closing below 5700. Now the expected short term target is 5630 and if Nifty closes below this level then next target will be 5550. If Nifty makes flat to negetive close for one more day then MACD will indicate sell which will act as further confirmation of downtrend.

 

Charts of the day

 

Crude Oil

 

 

 

Crude Oil has taken trend line support around 4650 levels and now it is consolidating between 4600-4720. RSI is oversold and consolidation is likely to continue for some more time. If it closes below Rs.4600 then downtrend will resume.

 

Tata Motors

 

 

Tata Motors was one of the top loser in today's trading session. The trend remains up as it has formed an ascending channel. Rs.272 is the trend line support and any breakout from this level will take Tata Motors to Rs.258.

 

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
Tata Motors Fut	Long	281.5	272.4	-9.1
Tata Motors 280 PE	Long	9.3	13.9	4.6
Coal India	Long	364	360	-4
Bank Nifty Fut	Short	11422	11418	4

 

Thought for the day

 

People take different roads sseeking fulfillmet and happiness. Just because they are not on your road doesn't meaan that they have gotten lost - Dalai Lama