Market updates for 08/08/2012

Nifty hourly chart

Today Nifty made a flat opening at 5295. But gained momentum in the later part of the trading session. Banks , IT and Real Estate performed well in today's trading session. Nifty closed at 5336 up by 54 points.

In the hourly chart of Nifty you can notice that Nifty has breached every resistance except 5350 which is the high of past 40 trading sessions. If this resistance is breached then Nifty can easily achieve 5400.

 

Nifty daily chart

The good news is Nifty has closed above 5300, it is trading above 200 , 100 , 50 DMA , MACD and RSI are indicating possibility of reaching 5400. But Nifty has tested 5350 many times before (indicated in chart). Above 5350 the expected targets are 5400-5440. 

Open Positions

Scrip	Type	Price	CMP	P/L
SBI	Long	2015	2061	46
Nifty 5300 PE	Long	57	57.35	0.35

 

Today's Trade

Scrip	Buy Price	Sell Price	P/L
Bank Nifty 10500 CE	214	255	40
Bombay Dyeing	504	525	21
Nifty 5300 PE	57

Nifty Medium Term Trend

Trend	UP
Initiation Date	07/08/20122
Initiated at	5336
High since change	5336
Reversal if closes below	5080

Important Results :

ABB , Aban Offshore , Bharti , Pantaloon , Tata Power , M&M , PFC

Thought for the day

To remain discipline and calm while waiting for disorder to appear amongst the enemy is the art of self possession - Sun Tzu