Market update for 16/08/2012

Nifty hourly chart

Nifty was trading in a narrow range which was between 5300-5350 but on Tuesday it has breached this range and closed at 5380. Now the expected targets are 5400-5440.  Positional short in Index/stock should be avoided untill Nifty closes below 5300. RSI is approaching over bought territory and if Nifty starts falling 5350 can act as major support . 

Chart of the day

LT

On Tuesday LT has closed at Rs.1454 up by 1%. It had made a high of Rs.1442 on 11/07/2012 and this was a major resistance. But LT has managed to close above this resistance and hence it can continue its upward rally towards 1500.

Open Positions

Scrip	Type	Price	CMP	P/L
Rel Infra	Long	522	528.7	6.7
Tata Mot	Long	229.3	235	5.7

 

Positions squared off

Scrip	Buy Price	Sell Price	P/L
LT 1300 PE	20.85	14.5	-6.35

Nifty medium term trend

Trend	UP
Initiation Date	07/08/20122
Initiated at	5336
High since change	5380
Reversal if closes below	5080

 

 

Thought for the day

Shallow men believe in luck. Strong men believe in cause and effect.