Market update for 22/08/2012

Nifty daily chart

Nifty has continued its uptrend by closing at 5421 up by 54 points. 5400-5380 were acting as resistance but now they can act as support. As long as Nifty trades above 5350 short term trend remains up and the expected targets are 5440-5500.

Chart of the day

LT

LT had resistance at Rs.1442 and after a breakout from this level it made a high of Rs.1480. Later it started falling and today it took support at Rs.1442 region . The short term targets are Rs.1480-1500 and reversal is closing below Rs.1442.

Nifty Medium term trend

Trend	UP
Initiation Date	07/08/20122
Initiated at	5336
High since change	5425
Reversal if closes below	5180

Open Position

Scrip	Type	Price	CMP	P/L
Rel Infra	Long	522	514.5	-7.5
REC	Long	214.8	210.3	-4.5
LT	Long	1447	1467	20

Today's Trade

Scrip	Buy Price	Sell Price	P/L
LT	1447

Thought for the day

If you find a path with no obstacles , it probably doesn't lead you anywhere.

Market update for 21/08/2012

Nifty daily chart

On Friday's trading session Nifty tested important resistance at 5400 and then came down to  5350 level. Nifty can trade between these two levels for some more time before breaking out. Nifty is making higher high and higher low in daily chart and this structure will change if Nifty closes below 5280 until then the trading strategy is to buy on dips. Important resistances are 5400-5440 and supports are 5350-5300-5280.   

Nifty weekly chart

Nifty has sustained the breakout from 5300 and has well sustained above this level. From last two weeks Nifty is facing resistance at 5380 which is 100 DMA in weekly chart. If Nifty sustains above this level then the target is 5440-5500.

Chart of the day

IDFC

IDFC is facing multiple resistance at Rs. 144. Buy if closes above Rs.144 , stop loss is closing below Rs.137 and potential target is  Rs.150-153.

Nifty Medium term trend

Trend	UP
Initiation Date	07/08/20122
Initiated at	5336
High since change	5404
Reversal if closes below	5080

Open positions

Scrip	Type	Price	CMP	P/L
Rel Infra	Long	522	510.5	-11.5
REC	Long	214.8	211.7	-3.1

Squared off positions

Scrip	Buy Price	Sell Price	P/L
Bank Nifty fut	10550	10439	-111
Bank Nifty 10500 PE	110	163	53

 

Thought for the  day

It is too clear and so it is hard to see. A dunce searched for fire with a lit lantern. Had he known what fire was he would have cooked his rice sooner.

 

Market update for 17/08/2012

Nifty daily chart

On 14/08/2012 Nifty came out of the consolidation range. Now it is expected to trade between 5350-5400 before making a breakout. RSI and MACD are showing signs of slow down at 5380 levels but Nifty should be bought at every dip as long as it is above 5300. Expected targets are 5400-5440.

Nifty daily chart

Nifty has sustained above 5300-5350 levels. MACD is indicating uptrend but RSI is overbought which is a matter of concern. Major supports are at 5350-5300-5270 and Resistance are 5400-5440. Short term and medium term trend remains up.

Tata Motors 

Tata Motors has reached major resistance levels at Rs.238-242. Rs.238 is the 200 DMA and Rs.242 is the trend line resistance. Unless Tata Motors trades above these levels further uptrend cannot be expected.

Open Positions

Scrip	Type	Price	CMP	P/L
Rel Infra	Long	522	527.8	5.75
REC	Long	214.8	209.3	-5.55

 

Positions squared off

Scrip	Buy Price	Sell Price	P/L
Tata Motors	229	239	10

 

Nifty daily chart

Trend	UP
Initiation Date	07/08/20122
Initiated at	5336
High since change	5380
Reversal if closes below	5080

Thought for the day

Never look back  unless you are planning to go that way.

 

Market update for 16/08/2012

Nifty hourly chart

Nifty was trading in a narrow range which was between 5300-5350 but on Tuesday it has breached this range and closed at 5380. Now the expected targets are 5400-5440.  Positional short in Index/stock should be avoided untill Nifty closes below 5300. RSI is approaching over bought territory and if Nifty starts falling 5350 can act as major support . 

Chart of the day

LT

On Tuesday LT has closed at Rs.1454 up by 1%. It had made a high of Rs.1442 on 11/07/2012 and this was a major resistance. But LT has managed to close above this resistance and hence it can continue its upward rally towards 1500.

Open Positions

Scrip	Type	Price	CMP	P/L
Rel Infra	Long	522	528.7	6.7
Tata Mot	Long	229.3	235	5.7

 

Positions squared off

Scrip	Buy Price	Sell Price	P/L
LT 1300 PE	20.85	14.5	-6.35

Nifty medium term trend

Trend	UP
Initiation Date	07/08/20122
Initiated at	5336
High since change	5380
Reversal if closes below	5080

 

 

Thought for the day

Shallow men believe in luck. Strong men believe in cause and effect.

 

Market update for 14/08/2012

Nifty hourly chart

Nifty has formed an ascending channel pattern. Nifty is trading in a narrow range 5300-5350. RSI and MACD are indicating buy in hourly chart. Long position should be considered only if Nifty sustains above 5350.Important support levels for Nifty are 5310-5300-5280 and resistance are 5350-5380-5400.

 

Nifty daily chart

Nifty is in a consolidation phase. 5350 and 5300 are the levels which are tested frequently. Trading in Nifty should be avoided for the time being. There are some stock specific movements , but the trend in individual stock may not sustain for long period of time. We are witnessing sharp pull backs and false breakouts frequently. So trade with caution.

Chart of the day

LT

LT has a Major resistance at Rs.1442. RSI is in over bought region and there is a possibility that Rs.1442 will be the peak of this rally.

Open Positions

Scrip
Type
 Price
CMP
P/L
Rel Infra
Long
522
521
-1
Tata Mot
Long
229.3
228.3
-1
LT 1300 PE
Long
20.85
18.75
-2.1

Today's Trade

Scrip
Buy Price
Sell Price
P/L
Bank Nifty 10300 PE
150
106
-44
Tata Mot 230 PE
7
8
1

Nifty Medium term trend

Trend 
UP
Initiation Date
07/08/20122
Initiated at 
5336
High since change
5347
Reversal if closes below
5080

Thought for the day

You will not be punished for your anger but you will be punished by anger.