Market updates for 14/09/2012

 

Nifty daily chart

 

 

 

In today's trading session Nifty has closed at 5435 marginally above the trend line.Today's candle stick formation is called 'doji' which denotes indecision about the trend. Next hurdle for Nifty is at 5448 which is previous peak as well as 78.6% retracement. A close above this level will take Nifty to 5500-5600 levels. . Suppose Nifty doesn't break 5450 in coming trading sessions then it can test 5350. So the range of the Nifty is 5350-5450.

 

Last time when Nifty was in down trend it took support at 5220 and now this trend line support has shifted to 5280 which is the strongest support region for Nifty.

 

Nifty weekly chart

 

 

 

On weekly chart even though  Nifty reached a high of 5448 it was unable to close above 5400. So tomorrow's closing is of at most importance. If Nifty doesn't close above 5400 then we can expect a short term dip in coming days.

 

Nifty medium term trend

 

Trend	UP
Initiation Date	07/08/2012
Initiated at	5336
High since change	5448
Reversal if closes below	5180

 

 

Open positions

 

Scrip	Type	Price	CMP	P/L
Tata Motors	Long	257	259.5	2.50
V guard	Long	410	393.50	-16.50

 

 

Today's Trades

 

Scrip	Buy Price	Sell Price	P/L
SBI Fut	1873	1891	18
Ranbaxy Fut	553	554	-1

 

 

Thought for the day

Familiarity with danger makes a brave man braver but less daring.

 

 

 

 

Market updates for 13/09/2012

 

Nifty daily chart

 

 

In daily chart Nifty has closed near very important resistance level which is around 5435. This is a make or break situation. At levels like this the movement of the market will be very high and we have observed this at 5200 level where Nifty made a gap up of 80 points.

 

Nifty has the potential to break this resistance as RSI is not over bought and other index like CNX IT , Bank Nifty are also in up trend. To increase the probability of success wait for breakout above 5450. If Nifty breaks on upside the expected targets are 5500-5600 and reversal will be below 5400.

Chart of the day

 

Tata Motors

 

 

Tata Motors had major resistance at Rs. 250 and today this resistance is breached with good volumes.

According to me the up trend in Tata Mot has just started and the trend ill remain up as long as Tata Mot is above Rs.250. The expected target is Rs.270-275.

 

Most of the traders (including me) think that it is up by 5% it cannot go up further. We should remember that we the retail traders cannot decide the top or bottom of a stock we can only identify the trend and participate in the rally. But we have to exit before others start booking profit so that our money will not be trapped.

 

Nifty medium term trend  

 

Trend	UP
Initiation Date	07/08/2012
Initiated at	5336
High since change	5448
Reversal if closes below	5180

 

 

Open positions

 

Scrip	Type	Price	CMP	P/L
Tata Motors	Long	257	263	6
V guard	Long	410	398	-12

 

Positions squared off

 

Scrip	Buy Price	Sell Price	P/L
Bharti	256	260	4
Bank Nifty Fut	10140	10235	95
Bank Nifty 10100 PE	153	105	-48
JSW Steel	691	690	-1

 

Thought for the day

I can accept failure but I can't accept not trying - Michael Jordan 

 

 

 

 

 

Market updates for 12/09/2012

 

Nifty daily chart

 

 

 

Nifty has continued its uptrend. During the early hourly hours of trading session Nifty was trading in red. But it started to move upward in later stages and closed at 5390 up by 26 points. MACD has given a buy indication which is a significant change in daily chart.

 

Nifty can face a hurdle around 5420-5430 which is a trend line resistance. Traders should note that earlier this trend line was at 5440 and  from that level Nifty started falling and made low of 5218.

 

 Can we expect the same?

It is difficult o answer this question . I can only say that last time at 5440 Nifty was overbought but this time chart suggest that there are chances of upside breakout. Wait for breakout.

 

Nifty medium term trend

 

Trend	UP
Initiation Date	07/08/2012
Initiated at	5336
High since change	5448
Reversal if closes below	5180

 

 

Open Positions

 

Scrip	Type	Price	CMP	P/L
Bank Nifty fut	Long	10140	10174	34
Bank Nifty 10100 PE	Long	153	125	-28
V guard	Long	410	401	-9
Bharti	Long	256	261.5	5.5
JSW steel Fut	Long	691	685	-6

 

Today's Trade

 

Scrip	Buy Price	Sell Price	P/L
Bank Nifty Fut	10070	10100	30

 

 

Thought for the day

 

It is not who is right , but what is right , that is important.

 

 

 

 

 

 

 

 

Market updates for 11/09/2012

 

Nifty hourly chart

 

 

 

After a huge rally of 100+ points Nifty has started to consolidate in a narrow range. In hourly chart Nifty is in overbought region and MACD is showing signs of slow down in the momentum.Nifty is trading at 61.8% Fibonacci retracement from the fall of 5448 to 5216. The short term is still up but reversal may happen below 5280.

 

Nifty daily chart

 

 

Nifty has sustained the breakout from 5350 levels and now it is expected to move towards 5400 gradually. In short term Nifty may become range bound between 5280-5400 and this range may reduce as the time passes. In coming days there are major events like announcement of IIP data , Inflation , RBI monetary policy and others which will decide the trend of the market.

 

Nifty medium term trend

 

Trend	UP
Initiation Date	07/08/2012
Initiated at	5336
High since change	5448
Reversal if closes below	5180

 

 

Open Positions

 

Scrip	Type	Price	CMP	P/L
Bank Nifty fut	Long	10140	10089	-51
Bank Nifty 10100 PE	Long	153	168	15
V guard	Long	410	396	-14
Bharti	Long	256	261	5
JSW steel Fut	Long	691	689.7	-1.3

 

 

Positions squared off

 

Scrip	Buy Price	Sell Price	P/L
Nifty 5400 CE	44	46	2
LT fut	1348	1368	20

 

 

Thought for the day

 

The imagination of suffering is more painful that actual suffering.

 

 

 

 

 

 

 

 

 

 

Market updates for 10/09/2012

 

Nifty daily chart

 

 

On previous trading sessions Nifty has managed to protect the support at 5220. Nifty made a big gap up open and  closed above 5300. On Saturday's special trading session resistance at 5350 was breached and now Nifty is likely to move up to 5400-5440.

 

In daily chart Nifty is forming higher high and higher low which is a bullish chart structure.Nifty has started another cycle of uptrend and this time  if it closes above 5440 then the target will be 5500-5600.  As long as Nifty is above the ascending trend line (marked in red) the short to medium term trend of Nifty will remain up. 

 

Nifty weekly chart

 

 

Nifty is facing resistance at 5400.It may not be possible to breach 5400 so easily as there are multiple resistances like 71.6% retracement of the fall from 5623-4764 and trend line resistance.Even though Nifty reached a high of 5448 the closing was below 5400. A weekly close above 5400 is required  to reach 5500 and 5600.

 

Nifty medium term trend

 

Trend	UP
Initiation Date	07/08/2012
Initiated at	5336
High since change	5448
Reversal if closes below	5180

 

 

Open Positions

 

Scrip	Type	Price	CMP	P/L
Bank Nifty fut	Long	10140	10165	15
Bank Nifty 10100 PE	Long	153	143	-10
V guard	Long	410	403.5	-6.5
Bharti	Long	256	254.5	-1.5
Nifty 5400 CE	Long	44	48	4

 

 

Positions squared off 

 

Scrip	Buy Price	Sell Price	P/L
ACC 1300 CE	31.5	65	33.5
ACC Fut	1299	1347	-48

 

 

Thought for the day

 

You aren't wealthy until you have something money can't buy