Market updates for 03/10/2012

 

Nifty daily chart

 

 

 

Consolidation in Nifty has continued for 6 trading sessions. Nifty has sustained above 5700 but unable to break resistance at 5720 on closing basis. Long position can be taken if Nifty closes above 5720. Target will be 5800.

 

Chart of the day

 

CNX IT

 

 

Infy

 

 

 

Both CNX IT and Infy had indicated bearish structures in daily chart. CNX IT had broken the lower part of the channel and sustained for two trading session. Infy had sustained below 200 dma at 2550 for two consecutive sessions and was expected to test lower part of the channel. But on Monday Infy took a u turn which triggered the stop loss.

 

Nifty medium term trend

 

Trend	UP
Initiation Date	07/08/2012
Initiated at	5336
High since change	5737
Reversal if closes below	5485

 

 

Open Positions

 

Scrip	Type	Price	CMP	P/L
Tata Motors Fut	Long	275	275.5	0.5
Tata Motors 270 PE	Long	9.3	8.9	-0.4
BHEL	Long	249.5	251.5	2
Ambuja Cement	Long	205	209.5	4.5

 

 

Positions Squared off

 

Scrip	Buy Price	Sell Price	P/L
Infy Oct Fut	2542	2494	-48
Infy Oct 2550 CE	104	128	24
Rel Ind Fut	850	840	-10
Rel Ind 840PE	21	25	4

 

 

Thought for the day

 

It is better to be violent if there is violence in our heart , than to put a cloak of nonviolence to cover impotence - Mahatma Gandhi