Market updates for 02/11/2012
Nifty daily chart
Nifty has bounced back from the trend line support and once again it has closed at 5645 which is above the earlier support 5635. Now once again it likely to move towards 5720. Since there are lot of ambiguity about short term direction of market and also since breakout was not sustained traders should not consider positional trades in Nifty for sometime. In fact today we have squared off positions in Nifty and initiated bearish strategy in LT.
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 |
| LT Nov 1650
PE |
Buy |
51 |
46 |
-1250 |
| LT Nov 1600
PE |
Sell |
28 |
24 |
1000 |
Positions Squared off
| Scrip |
Buy Price |
Sell Price |
P/L |
| Nifty Nov Fut |
5705 |
5675 |
1500 |
| Nifty 5700
Nov CE |
117 |
65 |
-2600 |
| Total |
|
|
-1100 |
Thought for the day
The road to success is always under construction.
