Market updates for 19/10/2012

 

Nifty daily chart

 

 

 

Nifty has made a sharp bounce back from yesterday's close. In today's trading session it gained 58 points and closed at 5718 . Today's rally was mainly led by banking sector. But Nifty has closed within trading range 5630-5720. Sustainable breakout above 5720 is required to consider long positions.

 

Charts of the day 

 

Bank Nifty

 

 

 

Till yesterday Bank Nifty was trading within 11500-11300. Today it has closed at 11586 which is a breakout. Now it is expected to reach 11750 in short term.

 

Yes Bank

 

 

 

Day before yesterday Yes Bank lost around 3% and formed a large red candle. It closed below trend line support , 20 DMA. Momentum indicators are showing possible downtrend. Now the trend line was acting as support is acting as resistance. Stop loss for short will be close above Rs.397.

 

Zinc

 

 

 

Zinc took support at Rs.99.50 and bounced back. RSI is over sold and 99.50 will be the bottom. We have created long position around Rs.100.5 and 1 st target is Rs.102.50.

 

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	5763	-58
Nifty 5700 Oct CE	Long	48	62	14
Yes Bank Fut	Short	387	392	-5

 

Thought for the day

 

If you judge people , you have no time to love them - Mother Teresa