Market update for 11/07/2012
Nifty hourly chart
Nifty has come out of the trading range which was between 5262-5318. Now the short term targets are 5375-5400 reversal of the trend will be below 5060. Around 5400 level short term traders can exit major part of their long positions. This trend is expected to continue tomorrow as well. If Nifty comes down to 5330-5318 it will be an opportunity to take long positions and stop loss should be below 5260.
Nifty daily chart
From past few trading session Nifty was again and again testing 5300. For the third time it has closed above 5300. Now it can test 5400 levels.
Chart of the day
Copper
Copper has been forming lower high lower low formation from few months. On 6th July copper has breached Rs.424.65 . Targets for Copper are Rs.416-412 and below reversal above Rs.432.
Open Positions
| Scrip | Type | Qty | Price | CMP | P/L |
| Sesa Goa | Long | 100 | 206 | 200 | -600 |
| Nifty 5200 PE | Long | 50 | 51 | 21 | -1500 |
| Bank Nifty fut | Long | 25 | 10600 | 10758 | 3950 |
| Bank Nifty 10600 PE | Long | 25 | 229 | 131 | -2450 |
| M&M | Long | 50 | 725 | 733.5 | 425 |
Today's Trades
| Scrip | Qty | Buy Price | Sell Price | P/L |
| SBIN | 50 | 2221 | 2229 | 400 |
| Maruti | 100 | 1205 | 1220 | 1500 |
Nifty Medium term trend
| Trend | Up |
| Initiation Date | 12/06/2012 |
| Initiated at | 5116 |
| High since change | 5345 |
| Reversal if closes below | 5120 |
Thought for the day
" Rather fail with honor than suceed by fraud" - Sophocles
