Market estimates for 04/09/2012
Nifty Hourly chart
Today Nifty opened with moderate gain of around 20 points and reached a intraday high of 5295. In the later stages it lost the gains and closed at 5253 down by 4.75 points. Nifty has started the first trading day with marginal decline. In hourly chart Nifty is consolidating between 5290 - 5242 which are 38.2% and 50% Fibonacci levels respectively. Traders should wait for for sustainable breakout and if it happen the targets will be 5350 and 5190.
Nifty daily chart
Nifty has once again taken support at 5250. Positional short can be considered at two levels . First is
at 5350 and second is if Nifty closes below 5200. Nifty has a major trend line support at 5200 (indicated in red colour). Once it closes below this trend line the expected targets are 5160-5120 which are 100 and 200 DMA. The short term trend remains down and reversal can happen if Nifty closes above 5350.
Chart of the day
IDFC
IDFC had a major trend line support at Rs.133.50 and today this support is broken. Now the expected targets are Rs.129-125.
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 |
| Britannia | Long | 486 | 504.4 | 18.4 |
| V guard | Long | 410 | 407 | -3 |
| Idfc fut | short | 133 | 131.9 | 1.1 |
| IDFC 130 CE | Long | 6.65 | 5.95 | -0.7 |
Today's trade
| Scrip | Buy Price | Sell Price | P/L |
| IDFC | 136 | 132 | -4 |
Thought for the day
Nothing is softer or flexible than water. Yet nothing can resist it.
