Market Updates for 11/06/2012
Nifty Hourly Chart
It was a volatile session. Nifty tested important support level at 5000 and bounced back. Nifty closed at 5068 up by 18 points. Capital goods and banking sector led the rally.
Nifty is forming a higher high,higher low in hourly chart and it is managing to break every esistance. Even though Nifty came down to 5000 it was supported by trend line (as shown in the chart). As per hourly chart trend reversal can happen only below 5018 and this level will be changing as the market goes up. This market is a buy on dip market so avoid taking short position.
Nifty Daily Chart
Nifty has closed above 200 DMA which is at 5063. When the Index closes above 200 DMA it indicates a major reversal of the trend. Now market is expected to be bullish from short trem to medium term. There is a hurdle at 5100 which is the next target and once Nifty breaks this level we can expect the levels of 5200 and above.
Chart of the day
Yes Bank
Yes Bank is trading in a triangle pattern. The peaks are Rs.389-379 and bottoms are Rs.293-309. It has pierced the resistance at Rs.341 and now it is trading above 100 DMA which is a bullish sign. CMP of YES Bank is Rs. 345 short term target is Rs.360 and stop loss is closing below Rs.329. If it breaks the upper trend line then we can expect the target of Rs.370-380.
Open Position
| Scrip | Type | Qty | Price | CMP | P/L |
| Hindalco | Long | 300 | 120.5 | 120.4 | -30 |
| Jub Food | Long | 65 | 1206 | 1208.95 | 191.75 |
Todays Trade
| Bank Nifty Fut | 25 | 9737 | 9712 | -625 |
| Bank Nifty 9400 PE | 25 | 253 | 261 | 200 |
| Infy Fut | 125 | 2417 | 2435 | 2250 |
| Infy 2400 put | 125 | 56 | 45 | -1375 |
Nifty Medium Term View
| Nifty Medium Term Trend | Down |
| Targets | 4780-4680 |
| Reversal if closes above | 5090 |
This view is based on higher time frame and different
parameters. Traders should not get
confused with other updates.
|
HNI Column
| Recommended Price | 120.5 |
| Recommended Date | 06/06/2012 |
| Quantity | 2000 |
| Investment | 241000 |
| Recommended Price | 4.5 |
| Quantity (Lot size 2000) | 1 lot |
| Investment | 9000 |
| Total Investment | 250000 |
| Upper Break even | 124.95 |
| Max Loss(Rs per share) | 4.95 |
| Maximum Profit | Unlimited |
| CMP of Hindalco | 120.4 |
| CMP of Put Option | 4 |
| Unrealised P/L | -800 |
Thought for the day
I absolutely believe that price movement patterns are being repeated. They are recurring patterns that appear over and over, with slight variations. This is because markets are driven by humans -- and human nature never changes - Jesse Livermore
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