Market updates for 06/09/2012

 

Nifty hourly chart

 

 

 

Nifty has closed below 5250 which was an important support. Nifty shut shop at 5225 down by 48 points. Today's fall was lead by banks , metals and auto sector.

 

In hourly chart Nifty has formed a wedge formation and the trading range is becoming narrow gradually . Breakout from this range may happen in one or two trading session. Wait for the breakout to happen.

 

Nifty daily chart

 

 

 

Nifty has closed near major support at 5220. This is a 'make or break' situation. So far Nifty has formed higher high higher low formation in daily chart. If the trend line support is breached then Nifty may fall atleast till 5130 which is 200 DMA.

 

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
ACC 1300 CE	Long	31.5	33.5	2
ACC Fut	Short	1299	1302	-3
V guard	Long	410	409	-1
Nifty fut	Short	5291	5252	39
Nifty 5300 CE	Long	77.5	57	-20.5

 

Positions squared off

 

Scrip	Buy Price	Sell Price	P/L
Britannia	486	504	18

 

Thought for the day

 

If you have the courage to begin you have the courage to suceed.

 

 

 

 

 

Market updates for 05/09/2012

 

 

 

Nifty has once again tested 5250 by making intraday low of 5234. Traders should note that supports and resistance are temporary in nature. If the prices of and underlying asset is reaching the support/resistance again and again then they will fall apart.

 

Nifty has made an intraday bounce back and closed at 5276 up by 23 points. At 5276 it is facing a trend line resistance in hourly chart. Short term trend of the market is down and reversal will be above 5350.

 

Nifty daily chart

 

 

 

Nifty is consolidating in a narrow region by keeping 5250 as support and at the same time it is facing selling pressure around 5300. The expected short term target is 5250-5220.

 

Open positions

 

Scrip	Type	Price	CMP	P/L
Britannia	Long	486	504.4	18.4
V guard	Long	410	407	-3
Nifty fut	Short	5291	5301	-10
Nifty 5300 CE	Long	77.5	81.5	3.5

 

 

Positions squared off

 

Scrip	Buy Price	Sell Price	P/L
IDFC fut	130	133	3
IDFC 130 CE	6.65	4.6	-2.05
Infy 2300 PE	27.5	24	-3.5

 

 

Nifty medium term trend

 

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

 

 

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.

 

 

 

 

 

 

 

 

 

 

We provide real time recommendations in Equity and F&O.

To know more details send a mail to karthik4ta@yahoo.com along with your contact details. 

 

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.