Market updates for 06/11/2012

 

Nifty hourly chart

 

 

 

Consolidation has continued in Nifty. Hourly chart of Nifty clearly shows the trading range which is 5720-5635. RSI is indicating that much upside is not left and Nifty may start sliding once it reaches 5720.Reversal of the trend will be close above 5720.

 

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	24	-6750
LT Nov 1600 PE	Sell	28	10.8	4300
Tata Motors Fut	Long	271	271.4	400
Tata Motors 270 PE	Buy	9.5	9.5	0

 

* Partial profit in Tata Motors booked at Rs.276.50

 

Thought for the day

 

The art of life is not controlling what happens , which is impossible. It's using what happens.