Market update for 09/08/2012

Nifty hourly chart

Nifty is unable to break the important resistance at 5350. Even though Nifty sustained above 5350 it is unable to break the resistance and closed below 5350. Throughout the day Nifty was consolidating in a narrow range. Indicators RSI and MACD are showing slow down in momentum and there are chances of Nifty falling to 5300 levels. Nifty is forming higher tops and higher bottoms in hourly chart this formation will change if Nifty sustains below 5270. So important resistance for short term is at 5350 and supports are at 5300-5270. Short term trend remains up.

 

Nifty daily chart

Nifty made a breakout from the trend line resistance at 5300. But this breakout doesn't seems to be sufficient. As indicated in the chart 5350 was tested several times and unless this resistance is breached uptrend cannot be expected. Nifty has formed 'doji' candle stick which indicates indecision in the market.

Chart  of the day

Crude Oil

Crude Oil is in a bullish phase from many trading sessions. The overall trend will remain bullish from short term point of view. However it can face a hurdle at Rs.5230 and once this level is taken out the target will be Rs.5260.

Open Positions

Scrip	Type	Price	CMP	P/L
Rel Infra	Long	522	516.35	-5.65
Nifty 5300 PE	Long	57	51	-6

Today's Trade

Scrip	Buy Price	Sell Price	P/L
Rel Infra	522
SBI	2015	2065	40

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 :

Tata Motors , Tech Mahindra , Ranbaxy , IOC , HPCL , Adani Enterprises , Apollo Tyres etc

 

Thought for the day

Place a monkey in a cage it is same as pig. Not because it isn't clever and quick but because it has no place to freely exercise its capabilities.