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.