Market updates for 11/10/2012

 

Nifty daily chart

 

 

Today's trading session was dominated by bears. Real Estate and Banks were top losers. Nifty shut shop at 5652 down by 52 points.

 

In daily chart Nifty has continued to show weakness and now it is heading towards support level at 5360-5600 levels. If Nifty sustains below 5600 then then it may test 5500 which is 50% retracement of the rally from 5214 to 5815. Long term trend will remain up and Nifty is expected to form higher high higher low.

 

Chart of the day

 

Bank Nifty

 

 

 

Bank Nifty has just started its down trend. It has closed below 11300 , momentum indicators like MACD and RSI are indicating sell. More details for subscribers.

 

Nifty medium term trend

 

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

 

 

 Open Position

 

Scrip	Type	Price	CMP	P/L
Bank Nifty Fut	Short	11422	11338	84
Bank Nifty 11400 PE	Long	204	171	-33

 

 

Thought for the day

 

Holding a grudge is letting someone live rent free in your head.