Market updates for 17/10/2012

 

Nifty daily chart

 

 

Today Nifty has made a low of 5635 and closed at 5648 down by 39 points. So we are still in consolidation phase and 5630-5720 is the range. Momentum indicators are showing possible downward movement towards 5500 once 5630 is breached. Wait for breakout.

 

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	5679	26
Nifty 5700 Oct CE	Long	48	30	-18

 

 

Thought for the day

 

Stop worrying about pot holes on the road and celebrate the journey.