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

 

 

 

 

Market updates for 07/09/2012

 

Nifty hourly chart

 

 

In hourly chart Nifty is closed above the descending trend line which was acting as resistance. First target in short term is 5277. Once this level is breached we can expect 5330-5350. Reversal of the trend will be below 5215. Technical indicators like MACD and RSI are indicating buy and we can expect recovery as long as Nifty is above 5200.

Nifty daily chart

 

 

 

Nifty has once again managed to hold 5200. There are multiple support around 5200 and since RSI is over sold downside seems to be limited. Important resistance levels are 5300-5350.

 

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	53	21.5
ACC Fut	Short	1299	1338	-39
V guard	Long	410	403.5	-6.5
Bharti	Long	256	252	-4

 

 

Positions squared off

 

Scrip	Buy Price	Sell Price	P/L
Nifty Fut	5245	5291	46
Nifty 5300 CE	77.5	55	-22.5

 

Thought for the day

 

If you realise how powerful your thoughts are you will never think a negetivee thought.

 

 

 

 

 

 

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