Nifty Hourly Chart
In the previous post it was mentioned that the short term trend of Nifty is up and we were expecting a target of around 4950. Today Nifty made a high of 4937.50 and closed at 4906.The short trend of Nifty is still up however it can reverse below 4850 as per hourly chart.
The recent bottom 4788 can act as a strong support and very short term target would be 4950-4980.
There are buying opportunities in selected stocks but depreciating rupee is a major concern and so traders should be very cautious . Periodical profit booking and trading with strict stop loss is very much essential.
Nifty Daily Chart
Nifty has made a low of 4788 as per daily chart it is expected to move towards 4983-5060. The medium term trend of Nifty is still down and the reversal of medium term trend can happen above 5125 on closing basis.
INR/USD
Today rupee has reached a low of 54.95 and technically there are no signs of reversal. The immediate target seems to be 55.85 and we may also see levels of 57.80. Please note that this is an observation and should not be considered as trading recommendation.
Open Positions
Position Type Qty Price CMP P/L
Nifty 4900 put Short 1 lot 129 81 2400
Nifty 4800 put Long 2 lots 79 41 (3800)
SBI Long 20 shs 1907 2009 2040 20 shs sold at Rs.2003
Hindalco Long 400 shs 109.90 110.40 200
Please note that the stop loss for SBI has to be placed at Rs.1890 and should be held for medium term. This stop loss will be changed periodically.
Thought for the day
In trading, as in life, what often appears obvious is not important and what is not obvious is important : Jhon Hayden
