Market Update for 22/06/2012
Nifty Hourly Chart
Today market has ended up with significant gains. Nifty closed at 5165 up by 44 points. Banking,capital goods and reality were major gainers in today's session. SBI,JP Associates,Reliance Infra, DLF were some of the major gainers in today's trade.
Nifty has breached important resistance at 5143 which is a bullish sign. Do not short market based on the assumption that it cannot go further. Even if you take short , based on a proven method , once you identify that market is moving in reverse direction EXIT.It is not necessary to win every trade. BUT we have to win average number of trades.
The next target for Nifty is 5193. Traders can book partial profit at this level.
Nifty Daily Chart
Before few trading session Nifty was range bound and it was alternatively closing above and below 200 DMA which was confusing the traders. From past two trading sessions Nifty has sustained above 200 DMA. Now it is expected to move towards the peak made on 18th which is at 5193. You can also see in the graph that 100 DMA is at 5199 which can also act as resistance. So further upside can be expected above 100 DMA. Above 5200 target will be 5300-5400. Reversal below 5050.
Chart of the day
Before few trading session there was a peculiar situation where chart f Nifty was looking Strong and Bank Nifty was looking weak. In fact we had suggested short on Bank Nifty at 9760 and covered at 9600. Nifty and Bank Nifty were moving in opposite direction. But now the positive correlation is reestablished.
Bank Nifty is looking bullish, there is a minor hurdle at 10100, but the target for Bank Nifty is 10400, reversal below 9800.
Open Positions
| Scrip | Type | Qty | Price | CMP | P/L |
| Havells | Long | 150 | 545 | 246.7 | 255 |
| Hero Motoco | Long | 35 | 2050 | 2071 | 735 |
| Tata Mot | Long | 100 | 245.5 | 248.3 | 270 |
Today's Trade
| Scrip | Qty | Buy Price | Sell Price | P/L |
| Bata | 100 | 810 | 840 | 3000 |
| Jubl Food Fut | 250 | 1177 | 1188 | 2750 |
| SBIN 2100 PE | 125 | 69 | 14.25 | -6843 |
| SBIN 2000 PE | 125 | 26 | 3 | 2875 |
| Nifty 5100 PE | 50 | 45 | 23 | -1100 |
Nifty medium term view
| Trend | Up |
| Initiation Date | 12/06/2012 |
| Initiated at | 5116 |
| Reversal if closes above | 4880 |
Thought for the day
When you find yourself in the valleys of life, don't kill yourself with grief. See it as a strategic position to have a clearer view of your ultimate destination - the peak.
