Updates on Capital Goods Sector

 

BHEL

 

 

BHEL is trading between 220-240 from past 2 months . Now it has reached Rs.240 which is upper part of the range. Long can be initiated once it breaks this level.

 

LT

 

 

In yesterday's trading session LT breached trend line resistance at Rs.1640 and closed at Rs.1649. Today during first hour of trading it was trading in green but it closed below  the trend line and it has formed bearish engulfing pattern. But since it has taken support at 20 DMA there might be a bounce back. Lets see !!

 

Commodity Chart

 

Copper

 

 

 

We had initiated long in Copper futures at Rs.444.50 and today we booked profit at Rs.453.50 . This is the level where Copper is facing trend line resistance. If copper closes above Rs.453.50 then it can go up further.

 

Stocks which have turned bullish

 

Sundaram Finance , Jet Airways

 

Nifty medium term trend

 

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6006
Reversal if closes below	5800

 

Thought for the day

 

Instead of respecting things, we want to use them for ourselves and if it is difficult to use them, we want to conquer them.