Market updates for 07/09/2012
Nifty hourly chart
In hourly chart Nifty is closed above the descending trend line which was acting as resistance. First target in short term is 5277. Once this level is breached we can expect 5330-5350. Reversal of the trend will be below 5215. Technical indicators like MACD and RSI are indicating buy and we can expect recovery as long as Nifty is above 5200.
Nifty daily chart
Nifty has once again managed to hold 5200. There are multiple support around 5200 and since RSI is over sold downside seems to be limited. Important resistance levels are 5300-5350.
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 |
| ACC 1300 CE | Long | 31.5 | 53 | 21.5 |
| ACC Fut | Short | 1299 | 1338 | -39 |
| V guard | Long | 410 | 403.5 | -6.5 |
| Bharti | Long | 256 | 252 | -4 |
Positions squared off
| Scrip | Buy Price | Sell Price | P/L |
| Nifty Fut | 5245 | 5291 | 46 |
| Nifty 5300 CE | 77.5 | 55 | -22.5 |
Thought for the day
If you realise how powerful your thoughts are you will never think a negetivee thought.
