Market updates for 16/10/2012
Nifty daily chart
Nifty has continued to consoildate in a narrow range. After facing resistance at 5720 logically it would have reached 5630 in a day or two. Today's closing was at 5687 up by 11 points. Close above 5720 will take Nifty to 5800 within few trading sessions.
Reliance Industries
Even though Reliance has closed below support at Rs.824 it has taken trend line support. Now it has the potential to bounce back towards Rs. 850.
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 |
| Nifty Nov Fut | Short | 5705 | 5733 | -28 |
| Nifty 5700 Oct CE | Long | 48 | 58 | 10 |
Positions squared off
| Scrip | Buy Price | Sell Price | P/L |
| Bank Nifty Fut | 11422 | 11323 | 99 |
| Bank Nifty 11400 PE | 204 | 130 | -74 |
Thought for the day
If we don't change we don't grow. If we don't grow we are not really living.
