Market updates for 02/11/2012

 

Nifty daily chart

 

 

 

Nifty has bounced back from the trend line support and once again it has closed at 5645 which is above the earlier support 5635. Now once again it likely to move towards 5720. Since there are lot of ambiguity about short term direction of market and also since breakout was not sustained traders should not consider positional trades in Nifty for sometime. In fact today we have squared off positions in Nifty and initiated bearish strategy in LT.

 

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
LT Nov 1650 PE	Buy	51	46	-1250
LT Nov 1600 PE	Sell	28	24	1000

 

 

Positions Squared off 

 

Scrip	Buy Price	Sell Price	P/L
Nifty Nov Fut	5705	5675	1500
Nifty 5700 Nov CE	117	65	-2600
Total			-1100

 

Thought for the day 

 

The road to success is always under construction.