Market updates for 07/08/2012
Nifty Hourly chart
Nifty made a gap up open of 45 points and managed to sustain at higher levels. It has broken important resistance at 5250 but was unable to breach 5300. Reliance Ind was a big gainer in today's session. It gained nearly 6%.
Important resistance levels for Nifty are 5300-5330 and support is at 5250. The short term trend remains up.
Nifty daily chart
Nifty has reached its important resistance level. Nifty is likely to consolidate in this region since it has made a large move in today's trading session. Unless Nifty breaks 5300 on closing basis we cannot expect further rally in Nifty. MACD and RSI are indicating that Nifty has potential to break 5300. Reliance group , Private sector banks , auto and capital goods sector are supporting the market very well. The trend of other index like Bank Nifty and CNX IT is up. But to increase the probability of profitable trade wait for a sustainable breakout.
Chart of the day
Bank Nifty
Bank Nifty has bounced back from ascending trend line support at 10200. It can face resistance at 10470. Expected target for Bank Nifty is 10600.
Open Positions
| Scrip | Type | Price | CMP | P/L |
| SBI | Long | 2015 | 2018 | 3 |
| Bombay Dyeing | Long | 504 | 528 | 24 |
| Bank Nifty 10500 CE | Long | 214 | 194 | -20 |
Today's Trade
| Scrip | Buy Price | Sell Price | P/L |
| Bank Nifty 10500 CE | 214 | ||
| Bombay Dyeing | 504 | 524 |
* Bombay Dyeing partial profit booked
Nifty Medium Term Trend
| Trend | Down |
| Initiation Date | 26/07/2012 |
| Initiated at | 5043 |
| Low since change | 5043 |
| Reversal if closes above | 5283 |
Thought for the day
There is no shame in not knowing ; the shame lies in not finding out.
