Market updates for 14/09/2012
Nifty daily chart
In today's trading session Nifty has closed at 5435 marginally above the trend line.Today's candle stick formation is called 'doji' which denotes indecision about the trend. Next hurdle for Nifty is at 5448 which is previous peak as well as 78.6% retracement. A close above this level will take Nifty to 5500-5600 levels. . Suppose Nifty doesn't break 5450 in coming trading sessions then it can test 5350. So the range of the Nifty is 5350-5450.
Last time when Nifty was in down trend it took support at 5220 and now this trend line support has shifted to 5280 which is the strongest support region for Nifty.
Nifty weekly chart
On weekly chart even though Nifty reached a high of 5448 it was unable to close above 5400. So tomorrow's closing is of at most importance. If Nifty doesn't close above 5400 then we can expect a short term dip in coming days.
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 |
| Tata Motors | Long | 257 | 259.5 | 2.50 |
| V guard | Long | 410 | 393.50 | -16.50 |
Today's Trades
| Scrip | Buy Price | Sell Price | P/L |
| SBI Fut | 1873 | 1891 | 18 |
| Ranbaxy Fut | 553 | 554 | -1 |
Thought for the day
Familiarity with danger makes a brave man braver but less daring.
