Technical updates on Nifty and Bank Nifty

Nifty monthly chart

Nifty has undergone deep cuts in last 3 trading session and this down fall may not stop so soon. Usually we the retail trader think that Nifty has corrected 400 points from the peak so it cannot fall further. But let us remember the fact that uptrend/downtrend can remain longer than expected time. From past two trading sessions I have been posting about possible correction and I hope you have utilized our trading hints in right way. 

Above mentioned is the monthly chart of Nifty. As you can see it has tested important resistance at 6100  and now it is falling. Major support is around 5250 !!( this level can change in later stages) I am not sure whether it is going to test this support zone. As of now trend is down , I will certainly let my readers know once the uptrend starts.By the way we have initiated  short in Nifty March Fut at 5809.

Bank Nifty monthly chart

Bank Nifty is over bought in monthly chart. Breakout from trend line has failed as once again it has fallen with in the trading zone. Diagonal trend line (blue color is the major support , If this support is breached major fall is expected. May god bless Bank Nifty.

Nifty medium term trend

Trend	DOWN
Initiation Date	29-11-12
Initiated at	5761
Low since change	5692
Reversal if closes below	5990

Thought for the day

There are only two days in the year
that nothing can be done.
One is called yesterday and
the other is called tomorrow,
so today is the right day to love,
believe, do and mostly live. - See more at: http://homeinsteaders.org/#sthash.hctyulD8.dpuf

There are only two days in the year
that nothing can be done.
One is called yesterday and
the other is called tomorrow,
so today is the right day to love,
believe, do and mostly live. - See more at: http://homeinsteaders.org/#sthash.hctyulD8.dpuf

 There are two days in a year that nothing can be done. One is called yesterday and other is called tomorrow. So today is the right day to love , live and believe. - Dalai Lama

 

Technical updates on Nifty

 

Nifty has made a sharp bounce back after yesterday's fall. But a bounce back of 35 points is not enough to change the trend. Short term trend will change only if it closes above 5875 which will be stop loss for short. 

 Nifty medium term trend

Trend	DOWN
Initiation Date	29-11-12
Initiated at	5761
High since change	5761
Reversal if closes below	5990

Thought for the day

Goliyonka samna karoonga azad hoon azad rahoonga - Chandrashekar Azad

Technical updates on Asian Paints

 

Asian Paints

 

 

Asian Paint had support at Rs.4490 and today this support is broken on closing basis. It is likely to fall further.

Nifty medium term trend

Trend	DOWN
Initiation Date	29-11-12
Initiated at	5761
High since change	5761
Reversal if closes below	5990

Last time our medium term trend indicator signalled long around 5800 and after that Nifty reached a peak of 6100. As per our indicator down trend has just started and it will continue as long Nifty is below 5990.  So technically this is not the time to consider long unless you have a mechanical method which indicates buy/sell. Lets see what our dear Finance Minister is going to do? 

We have continued to hold short in Bank Nifty which is initiated at 12700. Believe it or not!!

Thought for the day

 

There are hundreds of paths up the mountain, all leading to the same place, so it doesn’t matter which path you take.The only person wasting time is the one who runs around the mountain, telling everyone that his or her path is wrong - Hindu Proverb

 

Running water never grows stale. You have to keep on flowing...Bruce Lee (Martial Arts legend)

We are here during the rainy season to see water, but there is neither rain nor water. Instead, dust and grime cake the windows and seep through into our eyes and clothes. It's been over five hours and the rickety bus trundles and lurches through hairpin turns as it seems to climb almost vertically along the perilous Ethiopian mountain paths. Our grit-filled eyes peer through the windows for any sign of what we came for and yet there is nothing but more dirt and steep drop-offs. We have taken the risk, but where's the reward?

Suddenly, everything changes. Coming closer, yet still in the distance, is a huge white mushroom cloud that seems to appear from nowhere and grows larger as we approach. Our eyes don't burn as much; the grime doesn't seem to matter now as we are transfixed by this massive white haze. This is it!Blue Nile Falls. Smoking water. Tississat.

Over half a mile wide, it falls in a violent sheet that is barely visible under the thick shroud of haze. We move closer to it, straining to see the falls through the thick, steaming shroud. We live our lives in and of water, yet are amazed constantly by its majesty.

The source of the Blue Nile Falls is gentle, meandering Lake Tanat that flows through Ethiopia and The Sudan. We imagine it rolling softly and quietly for miles until-- in less than a minute-- it transforms into a raging cascade that churns wrenches and tumbles down the steep rocky crags. Then, just as quickly as it began this wild transformation, it again becomes quiet and meandering, flowing to its next destination.

Traders can learn a lot from Tississat and Tana. There are always going to be unexpected situations that threaten to send us tumbling headlong over the falls and into the abyss. This is the nature of uncertainty. Lake Tana survives by adapting to the ever-changing rhythms of nature-- the conditions in which it found itself. Traders survive by being adaptable, prepared for anything and going with the flow. As easy as this sounds, it is often not. Too many preconceived ideas about what the markets should or will do disturb the centering of mind needed to adapt. To approach the markets with an open mind, to be able to change course quickly and not be stuck in ego are hallmarks of successful traders. So many fail because they find themselves in the midst of a sudden state of disruption where they are not prepared to be carried downward with the raging waters.

Traders must stay with the flow of the markets, knowing that they can and will change character from day to day or moment to moment. Within complex adaptive systems such as nature or the markets, there are always going to be ups and downs, quiet times and violent movements. It is the task of the trader to stay steady, detached and adapt to the flow.

It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change...Author unknown, commonly misattributed to Charles Darwin

Janice Dorn, M.D., Ph.D.

If Kapas closes below Rs.932.00 major down fall expected!! Long position holders stay cautious. More details for subscribers.

Natural Gas has started uptrend. Trend will remain up as  long as it is above Rs.175.00. Buy on dips.

Technical updates on HDFC Bank and Zinc

 

HDFC Bank

 

 

HDFC Bank made a breakout above Rs.670 but this breakout was not sustained and from past two consecutive trading sessions it has closed below the trend line. Down trend has just started.

Zinc

Zinc is in down trend and we are short from Rs.116.50 March contract . It has reached an  important trend line support at Rs.112.50. Breakout from this level will lead to fall to Rs.109.00

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6111
Reversal if closes below	5800

Thought for the day

What actions are most excellent? To gladden the heart of a human being, to feed the hungry, to help the afflicted to lighten the sorrow of the sorrowful and to remove the wrongs of injured...- Dr.Abdul Kalam

Technical updates on Rel Infra and Axis Bank

 

Rel Infra

As you can see in the above chart REL Infra is trading at important support level in weekly chart and hence down trend is temporarily halted. Closing below the trend line will lead to further decline.

Axis Bank

Axis Bank has closed below trend line support in daily chart for two consecutive trading session. As long as it is below this trend line support trend will remain down.

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6111
Reversal if closes below	5800

Thought for the day

When you speak, speak the truth; perform when you promise; discharge your trust... Withhold your hands from striking, and from taking that which is unlawful and bad...- Dr.Abdul Kalam

Technical updates on Bank Nifty and JSW Steel

Bank Nifty

Bank Nifty is in down trend and in today's trading session it has lost significant 300 points. It has closed at trend line support level which was expected.Check updates on Feb 10 th.

http://karthik4bullsnbears.blogspot.in/2013/02/technical-updates-on-nifty-and-bank.html

What next ??

Trend remains down and we will continue to hold short with tight stop loss.

JSW Steel

JSW is trading below support level. Weekly close below this level will lead to further fall.

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6111
Reversal if closes below	5800

Thought for the day

Thinking is progress. Non-thinking is stagnation of the individual, organization and the country. Thinking leads to action. Knowledge without action is useless and irrelevant. Knowledge with action, converts adversity into prosperity -Dr. Abdul Kalam

Technical updates on Hexaware and HUL

Hexaware

Hexaware has tested previous bottom at Rs.72 and bounced back. Trend indicator in daily chart has indicated buy and trend is expected to remain up for medium term. Since IT sector is outperforming Hexaware is likely to participate.

HUL

HUL has started uptrend and as long as it is above Rs.460 trend will remain up.

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6111
Reversal if closes below	5800

Thought for the day

Thinking should become your capital asset, no matter whatever ups and downs you come across in your life - Abdul Kalam

Technical updates on JSW Steel and Wipro

JSW Steel

JSW Steel has managed to hold trend line support at Rs.780 and now it has bounced back. Long position can be created if it closes above Rs.826.

Wipro

Wipro has breached trend line resistance at Rs.405. It can face resistance around Rs.417 and once it sustains above this level it can go to Rs.430.

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6111
Reversal if closes below	5800

Thought for the day

Have you ever felt trapped in circumstances, then discovered that the only trap was your own lack of vision, lack of courage, or failure to see that you had better options? - Nick Vijucic

Technical updates on JSW Steel , SBI and HDFC Bank

Tomorrow is the last trading day of this week . So here are updates of JSW Steel , SBI and HDFC Banks which are based on weekly charts. All entries should be based on tomorrow's close.

JSW Steel

JSW Steel s in down trend from past few days. Now it has reached major support at Rs.780. This will the last hope for JSW Steel. Break out from this level will lead to further fall.

SBI

SBI is trading below trend line support. Trend remains down as long as it is below Rs.2290.

HDFC Bank

Regular readers of this blog might remember that in one of the previous posts I had explained possible bounce back in HDFC Bank. We have initiated long at Rs.665 and we are holding it.

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Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6111
Reversal if closes below	5800

Thought for the day

 

... to keep moving up ... , you have to abandon the security of that ledge and reach for another hold. Letting go of that sense of security.. is the challenge. ... think of yourself as climbing a ladder. To move to the next rung, you must give up your grip and reach for the next one  - Nick Vijucic

Technical updates on Kotak Bank and DLF

Kotak Bank

Kotak Bank has just started down trend. It faced resistance at Rs.695 and now it has started correcting. It has closed below previous peak at Rs.675 and oscillators like MACD , RSI are indicating sell. We are bearish from short term point of view.

DLF

 

DLF has breached trend line support at Rs.267. Further fall is expected. 

Nifty medium term trend 

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6111
Reversal if closes below	5800

Thought for the day

Sometimes you may feel like you are just about to realize your goal only to fall short. That is no reason to quit. Defeat happens only to those who refuse to try again - Nick Vijucic

 

Technical Updates on HDFC Bank and Infy

HDFC Bank Weekly Chart

HDFC Bank was in down trend from few months and now signs of uptrend are visible. It has taken trend line support at Rs.640 and made a bounce back. Long position can be created. More details for subscribers.

Infy

Infy made a spectacular rally after quarterly result. However it has entered consolidation phase. It has support around Rs.2735 and closing below this level will lead to further fall.

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6111
Reversal if closes below	5800

Thought for the day 

“I encourage you to accept that you may not be able to see a path right now, but that doesn't mean it's not there.”- Nick Vijucic

Technical updates on SBI and ICICI Bank

SBI

Refer to previous update about SBI http://karthik4bullsnbears.blogspot.in/2013/01/market-updates-for-31012013-sbi-weekly.html and compare with actual performance.

Now SBI is trading at important support at Rs. 2275. If you are holding short then this is the time to book profit and wait for break out or sustainable bounce back.

ICICI Bank

ICICI has breached an important trend line support at Rs.1135. Likely to fall further.

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6111
Reversal if closes below	5800

Thought for the day

We can't, and we should not, compare sufferings. We come together as a family of God, hand in hand. And then together coming and standing upon the promises of God, knowing that no matter who you are, no matter what you're going through, that God knows it, He is with you, He is going to pull you through - Nick Vijucic

Technical updates on Nifty and Bank Nifty

Nifty weekly chart

Nifty has closed below 5900 on Friday's trading session. It has closed at important support level. As per trend indicators in daily chart short term trend has turned negative  and it will remain down as long as Nifty is below 6000.

Bank Nifty weekly chart

Bank Nifty is under pressure and it is expected to test trend line support which is at 12100. Since it has closed below support at 12400 medium term trend has turned down and reversal will be closing above 12800.

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6111
Reversal if closes below	5800

Thought for the day

 

“The challenges in our lives are there to STRENGTHEN our CONVICTIONS. They are NOT there to run us over.”  - Nick Vijucic

Technical updates on JSW Steel and LT

JSW Steel Weekly chart

 

JSW steel had failed to continue its uptrend after breakout. Now it has once again fallen back into channel and based on daily chart trend indicator we have initiated short in JSW Steel Fut at Rs. 849.35.

LT Weekly chart

LT was consolidating between Rs.1530-1600 from past 3 weeks. Now it is trading below the support level. Likely to continue down trend. Note that we have one more trading day left so weekly closing below support is important.

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6111
Reversal if closes below	5800

Thought for the day

Arise! awake! stop not till you reach the goal - Swami Vivekananda

Technical updates on Ambuja Cement

Ambuja Cement was consolidating in a narrow range from past few weeks. Now it has breached an important trend line resistance around Rs.203. According to me the uptrend has just started. More details for subscribers.

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6111
Reversal if closes below	5800

Thought for the day

If the only tool you have is a hammer then you tend to see everything as a nail - Abraham Maslow

If Bank Nifty spot closes below 12400 it can reach 12200-12000. Stay cautious.

Market updates for 06/02/2013

Nifty daily chart

Nifty has tested support around 5940. Closing below 5940 will take Nifty to 5900 and may be much lower. Wait and watch.

Sun Pharma

Today Sun Pharma has reached an important resistance level which is around Rs.750. Long can be initiated if it closes above the trend line resistance.

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6111
Reversal if closes below	5800

Thought for the day

Those who have conqured themselves live in peace , alike in cold or heat , pleasure or pain , praise or blame . To such people clod of dirt , a stone and gold are same. They will achieve great heights - Bhagavad Gita

Market updates for 05/02/2013

Nifty daily chart

As expected Nifty has continued to fall and now it has closed below psychological level 6000 by closing at Rs.5987. Now it is likely to test 5950.

SBI weekly chart

Scroll down and refer market updates  for 31/01/2013 we have  initiated short in SBI fut at Rs.2446 what is the price now Rs.2363 how much profit ? Rs.10375 per lot. We are still holding short.

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6111
Reversal if closes below	5800

Thought for the day

 

Never tell a problem to anyone because 20% don't care and 80 % are glad you have them - Lou Holtz