Market updates for 09/11/2012
Nifty Daily chart
Nifty has finally breached the resistance at 5720 and has sustained for 2 consecutive trading sessions. So this breakout can be considered as a sustainable breakout and now the possibility of reaching previous peak 5820 is very high. Is it going to correct from 5820 ? well , it is difficult to say at this point of time. But if it sustains above 5820 then the possibility of reaching 5950 will be high. Short term and medium term trend of Nifty are up at this point of time.
Chart of the day
Tata Motors
Profit in trading is not luck. It involves lot of lot of effort , belief , patience and persistence. Tata Motors is one such example. We entered Tata Motors after a breakout from descending channel for an expected target of Rs.285 and the target is achieved today. Those who executed bullish synthetic call strategy ended up in a profit of Rs.5000 per lot without much stress and risk.
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 | 38 | -3250 |
| LT Nov 1600 PE | Sell | 28 | 19 | 2250 |
| Nifty Nov Fut | Long | 5792 | 5767 | -1250 |
| Nifty Nov 5800 PE | Buy | 73 | 82 | 450 |
Positions Squared off
| Scrip | Buy Price | Sell Price | P/L |
| Tata Motors Fut | 271 | 281 | 10000 |
| Tata Motors 270 PE | 9.5 | 4.5 | -5000 |
| Total | 5000 |
Thought for the day
If you don't accept small loss you will end up in mother of all losses.
