Market update for 10/08/2012

Nifty hourly chart

In the hourly chart of Nifty traders can observe that Nifty has formed a ascending channel. It has tested the upper part of the channel which is acting as resistance. Momentum indicators like RSI and MACD are indicating sell and Nifty can test 5300-5270.Long position in Nifty can be considered if it comes down to levels of 5270-5300 . The short term trend will remain positive until Nifty is above 5270.

Nifty daily chart

Today's trading session was very volatile as IIP numbers were announced. Once again  Nifty made an unsuccessful attempt to sustain above 5350. The short and medium term trend of Nifty will remain bullish. 5300 which was acting as resistance can act as support so market is expected consolidate in the range 5300-5350 for some time. In this situation it would be more appropriate to concentrate more on front line high beta stocks rather than trading in Nifty.

Open Positions

Scrip	Type	Price	CMP	P/L
Rel Infra	Long	522	514.3	-7.7
Nifty 5300 PE	Long	57	48	-9
Havells	Long	542	539	-3

 

Today's Trade

Scrip	Buy Price	Sell Price	P/L
Havells	542

Nifty Medium term view

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

Thought for the day

Effort fully releases its reward only after a person refuses to quit.