Market updates for 10/10/2012

 

Nifty daily chart

 

 

 

Nifty has bounced back after a fall of 100+ points from the peak 5815. A bounce back of 28 points will not change the down trend of Nifty. MACD has indicated sell and so the possibility of reaching 5630 is quite high. Sustainable uptrend will start only above 5780. Till then sell on rallies.

 

Chart of the day

 

DLF

 

 

 

DLF is the largest loser in recent trading sessions. Stock was down by 7% after Mr.Arvin Kejriwal exposed the association of Mr.Robert Vadra with DLF. Many questions are there in the minds of investors about corporate governance of this company and the questions are unanswered.

 

DLF has major support at Rs.220 and any breakout from this level should be used to create new short position.

 

 

Nifty medium term trend

 

Trend	UP
Initiation Date	08-07-12
Initiated at	5336
High since change	5815
Reversal if closes below	5580

 

Open Positions

 

Scrip	Type	Price	CMP	P/L
Bank Nifty Fut	Short	11422	11490	-68

 

Thought for the day

 

Constantly choosing lesser of two evils is choosing evil itself.