Market updates for 10/09/2012
Nifty daily chart
On previous trading sessions Nifty has managed to protect the support at 5220. Nifty made a big gap up open and closed above 5300. On Saturday's special trading session resistance at 5350 was breached and now Nifty is likely to move up to 5400-5440.
In daily chart Nifty is forming higher high and higher low which is a bullish chart structure.Nifty has started another cycle of uptrend and this time if it closes above 5440 then the target will be 5500-5600. As long as Nifty is above the ascending trend line (marked in red) the short to medium term trend of Nifty will remain up.
Nifty weekly chart
Nifty is facing resistance at 5400.It may not be possible to breach 5400 so easily as there are multiple resistances like 71.6% retracement of the fall from 5623-4764 and trend line resistance.Even though Nifty reached a high of 5448 the closing was below 5400. A weekly close above 5400 is required to reach 5500 and 5600.
Nifty medium term trend
| Trend | UP |
| Initiation Date | 07/08/2012 |
| Initiated at | 5336 |
| High since change | 5448 |
| Reversal if closes below | 5180 |
Open Positions
| Scrip | Type | Price | CMP | P/L |
| Bank Nifty fut | Long | 10140 | 10165 | 15 |
| Bank Nifty 10100 PE | Long | 153 | 143 | -10 |
| V guard | Long | 410 | 403.5 | -6.5 |
| Bharti | Long | 256 | 254.5 | -1.5 |
| Nifty 5400 CE | Long | 44 | 48 | 4 |
Positions squared off
| Scrip | Buy Price | Sell Price | P/L |
| ACC 1300 CE | 31.5 | 65 | 33.5 |
| ACC Fut | 1299 | 1347 | -48 |
Thought for the day
You aren't wealthy until you have something money can't buy
