Market update for 29/08/2012

 

Nifty daily chart

 

 

As expected Nifty has closed below 5350 which is an  entry point for initiating short in Nifty. It was a highly volatile session and till the end it was difficult to say whether Nifty will close above 5350 or below 5350 as  3 unsuccessful attempts were made to reach 5350. MACD is indicating downtrend and  expected short term targets for Nifty are 5300-5250-5220. As long as Nifty is below 5350 long position should not be initiated. 

Chart of the day

 

Rel Cap

 

 

 

Reliance Capital has breached important support level at Rs. 330 and closed at Rs. 328.20. It is expected to go down further.

 

Nifty medium term trend

 

Trend	UP
Initiation Date	07/08/20122
Initiated at	5336
High since change	5448
Reversal if closes below	5180

 

 

Open Positions

 

Scrip	Type	Price	CMP	P/L
Bank Nifty sep 10100 PE 2 Lots	Long	160	204	88
Bank Nifty sep 10200 CE 1 Lot	Long	240	180	-60
Britannia	Long	486	489	3
Nifty Sep 5300 PE	Long	63	64	1

 

 

Thought for the day

 

We make a living by what we get but we make a life by what we give.

 

 

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