Market estimates for 04/09/2012 

 

Nifty Hourly chart

 

 

 

Today Nifty opened with moderate gain of around 20 points and reached a intraday high of 5295. In the later stages it lost the gains and closed at 5253 down by 4.75 points. Nifty has started the first trading day with marginal decline. In hourly chart Nifty is consolidating between 5290 - 5242 which are 38.2% and 50% Fibonacci levels respectively. Traders should wait for for sustainable breakout and if it happen the targets will be 5350 and 5190.

 

Nifty daily chart

 

 

 

Nifty has once again taken support at 5250. Positional short can be considered at two  levels . First  is

at 5350 and second is if Nifty closes below 5200. Nifty has a major trend line support at 5200 (indicated in red colour). Once it closes below this trend line the expected targets are  5160-5120 which are 100 and 200 DMA. The short term trend remains down and reversal can happen if Nifty closes above 5350.

Chart of the day

 

IDFC

 

 

 

 IDFC had a major trend line support at Rs.133.50 and today this support is broken. Now the expected targets are Rs.129-125.

 

 

Nifty medium term trend

 

Trend	UP
Initiation Date	07/08/20122
Initiated at	5336
High since change	5448
Reversal if closes below	5180

 

 

Open positions

 

Scrip	Type	Price	CMP	P/L
Britannia	Long	486	504.4	18.4
V guard	Long	410	407	-3
Idfc fut	short	133	131.9	1.1
IDFC 130 CE	Long	6.65	5.95	-0.7

 

 

Today's trade

 

Scrip	Buy Price	Sell Price	P/L
IDFC	136	132	-4

 

 

Thought for the day

 

Nothing is softer or flexible than water. Yet nothing can resist it.

 

 

 

 

 

 

 

 

 

 

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Market updates for 03/09/2012

 

Nifty daily chart

 

 

 

On daily chart of Nifty 5350 is acting as a major support. The extension of falling trend line , which is drawn by joining 5630-5350 , is at 5250. It is a situation where the prior resistance will act as support which commonly happens in chart. Also, 50 DMA is around 5350 which is another major support. As it is explained in previous post Nifty will get lot of support between 5250-5200. MACD is still indicating downtrend but still long position can be executed around 5200-5250 levels and short can be considered around 5350.

 

Nifty weekly chart

 

 

 

After reaching a peak 5448 level Nifty has declined to 5250. So in medium term 5250-5440 will act as trading range .

 

What to expect in this week?

 

We may witness a bounce back to 5350-5400. As RSI is in overbought region it may not be possible for Nifty to breach 5440. So the expected dead cat bounce till 5350 may face to selling pressure and Nifty may once again fall into the territory of 5200-5350. As Nifty is expected to consolidate with in a range of 150-200 points option buyers should be cautious.

 

Chart of the day

 

Reliance Industries

 

 

 Reliance Ind had a major rally from Rs.720-820 within 3 weeks and now honey moon seems to be over. Reliance made a breakout from a major resistance and weekly closing was at Rs.817. But this trend line breakout couldn't sustain for long and now it has closed below the trend line. As long as Reliance is below Rs.785 the bias will remain negative and the potential targets in medium term are Rs.750-735.

 

Open Positions

 

Scrip	Type	Price	CMP	P/L
Britannia	Long	486	500	14

 

 

Today's Trades

 

Scrip	Buy Price	Sell Price	P/L
Tata Mot Fut	233	238	5
Tata Mot 240 CE	8.3	6.4	-1.9
CNX IT Fut	6106	6105	1
JSW Steel	698	687	11

 

 

Nifty Medium Term Trend 

 

Trend	UP
Initiation Date	07/08/20122
Initiated at	5336
High since change	5448
Reversal if closes below	5180

 

 

Thought for the day 

 

A person often meets his destiny on the road he took to avoid it.

 

 

 

 

 

 

 

Market update for 31/08/2012

 

Nifty daily chart

 

Today's trading session was highly volatile particularly in last one hour because of FnO expiry. Nifty made a low of 5255 and bounced back. It closed at 5315 up by 27 points. Major support for Nifty exists at 5250 and resistance at 5350. The broader range of the Nifty is expected to be between 5220-5350.

 

The sentiment of the traders may be bearish but the chart structure shows that Nifty will get lot of supports in the range 5250-5200. Moreover many index companies are at important support levels. Unless some major negative event happens Nifty is not going to break 5250-5200. If 5200 is breached next target will be at 5000.

 

Nifty has recovered from the day's low of 5255 if Nifty reaches 5350 then short can be initiated and stop loss will be closing above 5350.

Nifty weekly chart

The chart structure of Nifty is clearly visible in weekly chart. You can see in the chart that at 5250 there are multiple support and resistance is at 5440 which defines the broader range of market.

Chart of the day

 

Crude Oil

 

The overall trend of the crude oil is up. But the momentum is slowing down and technical indicators like RSI and MACD are showing a possible down trend in short term. Crude oil may come down to 5250 level which is the lower part of the channel.

 

Nifty Medium term trend

 

Trend	UP
Initiation Date	07/08/20122
Initiated at	5336
High since change	5448
Reversal if closes below	5180

 

 

Open Positions

 

Scrip	Type	Price	CMP	P/L
Britannia	Long	486	488	2

 

Positions squared off

 

 

Scrip	Buy Price	Sell Price	P/L
Bank Nifty Sept 10100 PE 2 Lots	160	240	160
Bank Nifty sep 10200 CE 1 Lot	240	143	-97

 

 

Intraday Trades

 

Scrip	Buy Price	Sell Price	P/L
Tata Motors	232	237	5

 

 

Thought for the day

 

Don't handicap your children by making their lives easy.

 

 

Market updates for 30/08/2012

 

Nifty Daily Chart

 

 

Nifty has once again closed in red by closing at 5287 down by 46 points. The trend of the index is down and it is likely to test 5250-5200. Nifty has a short term support at 5280 and important  resistance  are 5350-5400. The trading strategy should be sell on peaks as long as Nifty is below 5350.

 

Chart of the day

 

REC

 

 

 

 

REC has a major support at Rs.189. If it closes below this level then the short term targets are Rs.180-175. Wait for the breakout.

 

Nifty Medium Term Trend

 

Trend	UP
Initiation Date	07/08/20122
Initiated at	5336
High since change	5448
Reversal if closes below	5180

 

 

Open Positions

 

Scrip	Type	Price	CMP	P/L
Bank Nifty Sept 10100 PE 2 Lots	Long	160	221	122
Bank Nifty Sept 10200 CE 1 Lot	Long	240	159	-81
Britannia	Long	486	488	2

 

 

Today's Trades

 

Scrip	Buy Price	Sell Price	P/L
McDowell	962	978	16
Rel Cap Sept Fut	323	330	7

 

 

Squared off Position

 

Scrip	Buy Price	Sell Price	P/L
Nifty Sept 5300 PE	63	79	16

 

 

Thought for the day

 

You don't need anybody to tell you who you are or what you are . You are what you are.