Market update for 25/06/2012
Nifty Hourly Chart
On Friday's trading session market made a gap down open because of the negetive global cues. But managed to bounce back from the day's low of 5094. Traders should observe that Nifty is forming a new trading range. Earlier support was at 5047 and now the support is shifted to 5094. If Nifty sustains below 5094 then only we may see a short term dip in the market otherwise market will move towards 5200-5300.
On Monday if Nifty sustains above 5168 then it can reach 5192. On the other hand if it sustains below 5094 then 5070 and below can be achieved.
Nifty Weekly Chart
In weekly chart the uptrend of Nifty is still intact. The breakout from the descending trend line is very well protected and as per Fibonacci levels Nifty is likely to reach 5200 and then 5300 which are 50% and 61.8% retracement of the total fall from 5623. Traders can start partial profit booking from 5200 till 5300.
Top pick of the week
LT
LT is rallying continuously from the bottom of Rs.1105 and it is still likely to continue its uptrend. Short term traders can buy LT around Rs.1370 for a target of Rs.1415 - 1450 and above stop loss should be weekly close below Rs.1310.
Open Positions
| Scrip | Type | Qty | Price | CMP | P/L |
| Yes Bank | Long | 130 | 340.5 | 340.25 | 255 |
| Hero Motoco | Long | 15 | 2050 | 2086 | 720 |
| Tata Mot | Long | 100 | 245.5 | 248.3 | 270 |
| Bank Nifty Fut | Long | 25 | 10010 | 10038 | 700 |
| Nifty 5100 PE | Long | 100 | 33 | 21 | -1100 |
Today's Trades
| Scrip | Qty | Buy Price | Sell Price | P/L |
| Havells | 150 | 545 | 556 | 1650 |
| Hero Motoco | 20 | 2050 | 2107 | 1140 |
| Nifty 5100 PE | 100 | 33 | ||
| Yes Bank | 130 | 340.5 | ||
| Bank Nifty Fut | 25 | 10010 | 700 |
Nifty medium term view
| Trend | Up |
| Initiation Date | 12/06/2012 |
| Initiated at | 5116 |
| Reversal if closes below | 4880 |
Thought for the day
Success is a three step journey : Planning , Execution and bridging the gap between them.
