Technical updates on Nifty

Nifty daily chart

Nifty has continued uptrend however it has a major resistance at 6115. Those who are holding call option in Nifty should exit at least partially. If this level is breached on closing basis then we can see 6230. 

Disclaimer : Charts presented here are not for recommendation or to advice . They are for educational purpose. More details such as stop loss , target are shared with subscribers.

 

Nifty medium term trend

 

Trend	UP
Initiation Date	01-07-13
Initiated at	5898
High since change	6093

 

Thought for the day

The more that you read, the more things you will know. The more that you learn, the more places you’ll go.

Technical updates on Bank Nifty

Bank Nifty weekly chart

Bank Nifty has closed below trend line support which is  a bearish sign. As long as it is below 11300 medium term trend will be negative.If it sustains below 10800 then it can reach 10300 in medium term.

Disclaimer : Charts presented here are not for recommendation or to advice . They are for educational purpose. More details such as stop loss , target are shared with subscribers.

 

Nifty medium term trend

Trend	UP
Initiation Date	01-07-13
Initiated at	5898
High since change	6051

 

Thought for the day

We can be sure that the greatest hope for maintaining equilibrium in the face of any situation rests within ourselves.

Technical updates on Bharti and SBI

Bharti

Bharti has been facing stiff resistance around Rs.300 level. Now it has almost reached that level. Time to book partial profit.

SBI

SBI has major support at Rs.1800. As of now this support is not breached. There are possibilities of bounce back. Lets see.

Disclaimer : Charts presented here are not for recommendation or to advice . They are for educational purpose. More details such as stop loss , target are shared with subscribers.

 

Nifty medium term trend

Trend	UP
Initiation Date	01-07-13
Initiated at	5898
High since change	6051

Technical updates on Bank Nifty

Bank Nifty weekly chart

Bank Nifty is trading below trend line support which is a bearish sign. But since this is the weekly chart we have to wait for close below trend line on weekly basis. Lets wait till Friday.

Technical updates on Nifty and Tech Mahindra

Nifty

Based on daily chart I had mentioned about possible target of 6100. But today there was a sudden decline. Above is the hourly chart of Nifty. You can see that Nifty reached a critical resistance level and then corrected. 5900 was acting as resistance now it can act as intermediary support. Downtrend will continue if Nifty closes below 5900. 

Tech Mahindra

Tech Mahindra has formed double top which is a bearish formation. There are possibilities of correction. Lets see.

Disclaimer : Charts presented here are not for recommendation or to advice . They are for educational purpose. More details such as stop loss , target are shared with subscribers.

 

Nifty medium term trend

Trend	UP
Initiation Date	01-07-13
Initiated at	5898
High since change	6038

Thought for the day

Don’t take yourself so seriously. No one else does !!