Technical updates on Nifty

Nifty weekly chart

Last week Nifty has breached another resistance . 6550 will act as strong support . As we all know earlier Nifty was trading within a range of 375 points ( 6345 to 5970) . After the breakout above 6345 technical target was (6345+375) 6720 . Nifty has already achieved this target and now there could be possibilities of consolidation.

Nifty

 

Nifty has closed above the resistance on weekly basis . This is not the time to short based on the assumption that it cannot go further . Long should be created and sl will be closing below 6300. 

Bharti

As expected Bharti has bounced back from support at 290 . Short term target is 330.

Technical updates on Nifty and PNB

Nifty

Nifty has once again reached resistance at 6330 . Unless this level is breached on weekly close basis we cannot expect further rally . 

PNB

PNB is forming lower high lower low in weekly chart . Now it has reached trend line resistance . Traders can consider short if it closes above trend line resistance then loss should be booked .

Bajaj Auto

Bajaj Auto is approaching trend line resistance which is a profit booking region . Futures traders can short at those levels . Closing above trend line will be stop loss.

Sun Pharma

Sun Pharma is forming higher high and higher low from few weeks . If it breaks this region then further rally is possible.

Bharti Airtel

Bharti Airtel is trading at a major support level . Traders can buy for short to medium term.

Ambuja Cement

Ambuja Cement is taking support at Rs.150 . If it breaks this level on closing basis then further fall is likely .

REC

 

 

REC has bounced back from the low of Rs.166 . Now it is likely to reach Rs.195 where trend line resistance is situated.

JSW Steel

JSW Steel has made a spectacular rally in past few weeks . Now it has retraced  61.8% retracement . There are possibilities that it will hold this level . Lets see.