Market updates for 09/11/2012

 

Nifty Daily chart

 

 

Nifty has finally breached the resistance at 5720 and has sustained for 2 consecutive trading sessions. So this breakout can be considered as a sustainable breakout and now the possibility of reaching previous peak 5820 is very high. Is it going to correct from 5820 ? well , it is difficult to say at this point of time. But if it sustains above 5820 then the possibility of reaching 5950 will be high. Short term and medium term trend of Nifty are up at this point of time.

 

Chart of the day

 

Tata Motors

 

 

 

Profit in trading is not luck. It involves lot of lot of effort , belief , patience and persistence. Tata Motors is one such example. We entered Tata Motors after a breakout from descending channel for an expected target of Rs.285 and the target is achieved today. Those who executed bullish synthetic call strategy ended up in a profit of Rs.5000 per lot without much stress and risk.

 

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	38	-3250
LT Nov 1600 PE	Sell	28	19	2250
Nifty Nov Fut	Long	5792	5767	-1250
Nifty Nov 5800 PE	Buy	73	82	450

 

 

Positions Squared off

 

Scrip	Buy Price	Sell Price	P/L
Tata Motors Fut	271	281	10000
Tata Motors 270 PE	9.5	4.5	-5000
Total			5000

 

 

Thought for the day

 

If you don't accept small loss you will end up in mother of all losses.