Market updates for 28/11/2012
Nifty daily chart
Nifty has breached resistance at 5720 and closed at 5726. Now it may face resistance around 5750. Since it has closed above 5680 the short term direction has turned bullish. Now the probability of breaching trend line resistance is high. Once it happens Nifty can reach 5800 and above 5800 medium term target could be 5900.
Infosys
Last month Infy has made gap down on the day of result. Now it has filled the gap and it may face resistance at 2480 level where 200 DMA is located. We initiated long in Infy Dec fut at Rs.2405 and simultaneously 2400 Dec put option was bought at Rs.50. Today we sold positions at Rs.2485 and 21. Total profit booked is Rs.6375.
Nifty medium term trend
| Trend | DOWN |
| Initiation Date | 16-11-12 |
| Initiated at | 5574 |
| Low since change | 5549 |
| Reversal if closes below | 5800 |
Thought for the day
Unhappy is he who lives under the influence of greed , pride , luxury and anger. - Guru Granth Sahib
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