Market updates for 16/10/2012

Nifty daily chart

Nifty has continued to consoildate in a narrow range. After facing resistance at 5720 logically it would have reached 5630 in a day or two. Today's closing was at 5687 up by 11 points. Close above 5720 will take Nifty to 5800 within few trading sessions. 

Reliance Industries

Even though Reliance has closed below support at Rs.824 it has taken trend line support. Now it has the potential to bounce back towards Rs. 850. 

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	5733	-28
Nifty 5700 Oct CE	Long	48	58	10

Positions squared off

Scrip	Buy Price	Sell Price	P/L
Bank Nifty Fut	11422	11323	99
Bank Nifty 11400 PE	204	130	-74

 

Thought for the day

 

 If we don't change we don't grow. If we don't grow we are not really living.