Market updates for 19/10/2012

 

Nifty daily chart

 

 

 

Nifty has made a sharp bounce back from yesterday's close. In today's trading session it gained 58 points and closed at 5718 . Today's rally was mainly led by banking sector. But Nifty has closed within trading range 5630-5720. Sustainable breakout above 5720 is required to consider long positions.

 

Charts of the day 

 

Bank Nifty

 

 

 

Till yesterday Bank Nifty was trading within 11500-11300. Today it has closed at 11586 which is a breakout. Now it is expected to reach 11750 in short term.

 

Yes Bank

 

 

 

Day before yesterday Yes Bank lost around 3% and formed a large red candle. It closed below trend line support , 20 DMA. Momentum indicators are showing possible downtrend. Now the trend line was acting as support is acting as resistance. Stop loss for short will be close above Rs.397.

 

Zinc

 

 

 

Zinc took support at Rs.99.50 and bounced back. RSI is over sold and 99.50 will be the bottom. We have created long position around Rs.100.5 and 1 st target is Rs.102.50.

 

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	5763	-58
Nifty 5700 Oct CE	Long	48	62	14
Yes Bank Fut	Short	387	392	-5

 

Thought for the day

 

If you judge people , you have no time to love them - Mother Teresa

 

 

 

 

 

 

 

 

 

 

Market updates for 18/10/2012

 

Bank Nifty

 

 

Consolidation has continued to happen in major index like Nifty , Bank Nifty as well as in individual stocks. Another 5 trading sessions are left for expiry and I don't think that we can see breakout on either side.

 

Above is the chart of Bank Nifty. Here consolidation is happening between 11300-11500. Sustainable close below 11300 will reach 11100 in short term.

 

Chart of the day

 

 

Reliance was unable to hold the trend line support and yesterday it has closed below trend line. Now it is likely to move towards Rs.760 in medium term.

 

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	5692	13
Nifty 5700 Oct CE	Long	48	31	-17
Yes Bank Fut	Short	387	387.7	-0.7

 

 

Thought for the day

 

The future belongs to those who believe in the beauty of their dreams.

 

 

 

 

 

 

 

Market updates for 17/10/2012

 

Nifty daily chart

 

 

Today Nifty has made a low of 5635 and closed at 5648 down by 39 points. So we are still in consolidation phase and 5630-5720 is the range. Momentum indicators are showing possible downward movement towards 5500 once 5630 is breached. Wait for breakout.

 

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	5679	26
Nifty 5700 Oct CE	Long	48	30	-18

 

 

Thought for the day

 

Stop worrying about pot holes on the road and celebrate the journey.

 

 

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.

Market updates for 15/10/2012

 

Nifty daily chart

 

 As expected Nifty is facing resistance at 5720 . On Friday Nifty made a high of 5725 but face selling pressure and closed at 5676. Trading range is between 5630-5720. Breakout may happen on downside. 

 

Nifty weekly chart

 

 

 

For 2 consecutive weeks Nifty is unable to close above 5740 on weekly basis. Closing above this level is very much necessary to continue the uptrend. As Nifty is facing resistance at 5740 we can say that this will be the peak of uptrend from 5030 and Nifty can fall to he levels of 5500 before starting another cycle of uptrend.

 

 

 

 

Fibonacci retracement is drawn from 5034 to 5815 in weekly chart. 23.6% retracement is around 5630 once Nifty closes below this level we can expect a target of 5520. Reversal of the trend will be close above 5820.

 

Chart of the day

 

Dow Jones

 

 

After breakout from 13300 DJIA made a high of 13650. Now resistance at 13300 is acting as support. If DJIA breaks this level then it ca go down till 12900. So far Nifty has rallied because of domestic events and the momentum has slowed. Now we need to see whether it follows global market.

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
Bank Nifty Fut	Short	11422	11417	5
Bank Nifty 11400 PE	Long	204	178	-26

 

 

Thought for the day

 

Nature , time , patience are three great physicians.