Market updates for 22/10/2012

 

Nifty daily chart

 

Nifty has once again closed below 5720 and this time closing was at 5684. I don't know when Nifty is going to come out of the range but if the breakout happens on downside it is likely to take at least an intermediary  trend line support at 5600 (indicated in black colour). The range of consolidation is around 90 points so possible target after breakout will be either 5540 or 5810.

 

Nifty weekly chart

 

 

Weekly chart of Nifty clearly indicates the resistance at 5740 which was not beached on closing basis. Major support is around 5500 and this level can change as the time progress. We cannot expect major upside rally unless Nifty closes above 5740 on weekly basis. RSI is overbought from many weeks and there is a chance of short term minor correction.

 

Currently Nifty has taken support around 5630 which is 23.6% retracement of the rally from 5034-5820. Close below this level can take Nifty to 5514-5420 which are 38.2% and 50% respectively.

 

Chart of the day

 

Jet Airways

 

 

Jet Airways has made a breakout from triangle formation.Now the first target is Rs.342.

 

 

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	5716	-11
Nifty 5700 Nov CE	Long	117	112	-5
Yes Bank Fut	Short	387	385	2

 

 

Positions squared off

 

Scrip	Buy Price	Sell Price	P/L
Nifty 5700 Oct CE	48	49	1

 

 

 

Thought for the day

 

We are what we repeatedly do. Excellence , then  , is not an act , but habit. 

 

 

 

 

 

 

 

 

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.