Market updates for 12/09/2012
Nifty daily chart
Nifty has continued its uptrend. During the early hourly hours of trading session Nifty was trading in red. But it started to move upward in later stages and closed at 5390 up by 26 points. MACD has given a buy indication which is a significant change in daily chart.
Nifty can face a hurdle around 5420-5430 which is a trend line resistance. Traders should note that earlier this trend line was at 5440 and from that level Nifty started falling and made low of 5218.
Can we expect the same?
It is difficult o answer this question . I can only say that last time at 5440 Nifty was overbought but this time chart suggest that there are chances of upside breakout. Wait for breakout.
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 | 10174 | 34 |
| Bank Nifty 10100 PE | Long | 153 | 125 | -28 |
| V guard | Long | 410 | 401 | -9 |
| Bharti | Long | 256 | 261.5 | 5.5 |
| JSW steel Fut | Long | 691 | 685 | -6 |
Today's Trade
| Scrip | Buy Price | Sell Price | P/L |
| Bank Nifty Fut | 10070 | 10100 | 30 |
Thought for the day
It is not who is right , but what is right , that is important.
