Technical update on Bharti and LT

Bharti weekly chart

Bharti can face resistance around Rs.330. Long position holders can book profit and re enter if it closes above this level.

LT

LT is facing resistance at Rs.1535. If it closes below Rs.1495 short can be initiated. Even though in today's session it traded below this level it made a bounce back. 

Nifty medium term trend

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	5962
Reversal if closes above	5680

Thought for the day

If you find yourself fortunate enough to be traveling down the right path in life, don't forget to take time to remember those that cut the path for you to follow

Technical updates on Hero Motoco and Axis Bank

Hero Motoco

Hero Motoco has reached an important resistance level in daily chart. As long as it is below this trend line further uptrend cannot be expected. Medium term down trend will start if it closes below Rs.1575.

Axis Bank

Daily chart of Axis Bank indicates a double top pattern. RSI is in over bought level. Traders can short Axis Bank if it closes below Rs.1455. 

Nifty medium term trend

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	5924
Reversal if closes above	5680

Technical updates on Bank Nifty and ITC

Bank Nifty weekly chart

In weekly chart Bank Nifty has breached an important resistance level and it has sustained for two consecutive weeks. As long as it is above the trend line possibility of reaching previous peak is very high. 

ITC weekly chart

ITC has reached upper part of the channel. Candle stick formation shows that ITC is facing resistance around Rs.324. Breakout from this channel will take ITC to much higher levels.

 

 Nifty medium term trend

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	5924
Reversal if closes above	5680

Thought for the day

Authentic happiness isn’t something  we can go out and get, buy, beg, borrow or steal,  it’s  only something we can be, and it’s a choice we make with every breath we take.

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Breakout in Nifty and Tata Motors

 

Nifty daily chart

 

 

Nifty is breaking every resistance and today it has confirmed another breakout. Now as long as Nifty is above the trend line it is likely to continue uptrend. Possible targets are 5970-6100. 

Tata Motors

Tata Motors had major resistance at Rs.285. In the above mentioned chart you can see that Rs.285 has acted as support as well as resistance many times in the past. Expected target is Rs.310.

We have initiated long in both Nifty as well as Tata Motors.

Nifty medium term trend

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	5924
Reversal if closes above	5680

Thought for the day

"In India , we want karmayoga , yoga of work. We have to live in the present. We cannot afford to live in one part of the world shutting our doors and windows to the other parts. When India attains freedom then Indians have to fight their existence against modern enemies equipped with modern weapons. They have to survive in the modern days , in the field of modern economics and politics. The age of bullock cart is gone. For India would have to be self sufficient in modern arms and weapons and always have to be ready with to defend herself until such a time as whole world decides to lay down arms and ammunition" - Subhash Chandra Bose

Technical updates on SBI

SBI daily chart

SBI has reached an important resistance level at Rs.2350. In daily chart SBI has formed bearish engulfing pattern which is a bearish sign however it needs to close below Rs.2265 for confirmation of short term down trend.

Nifty medium term trend

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	5845
Reversal if closes above	5575

Technical updates on Nifty and Tata Motors

Nifty

In today's trading session Nifty has reached expected target 5830. Since it has reached major resistance level we have booked profit in Nifty fut. If Nifty closes above the trend line then we will consider long position.

Tata Motors

Tata Motors has breached trend line resistance. But in today's trading session unfortunately it didn't gain much momentum. We have initiated long in Tata Motors. Lets see!!

Nifty medium term trend

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	5845
Reversal if closes above	5575

Technical updates on Nifty and Bank Nifty

Nifty daily chart

 

 

 Nifty has continued its uptrend since it has breached 200 DMA. It is likely to reach 5830 in next few trading sessions. 5830 should be the profit booking level. Traders can re enter long if Nifty closes above 5830.

Nifty weekly chart

In the last week Nifty has almost rallied 300 points and  it  reached 50% retracement. Since it has rallied 300 points it might consolidate for a while . But we cannot say that rally is over since RSI is not overbought. If 5830 is breached Nifty might reach 5870-5990 in medium term.

Bank Nifty weekly chart

Bank Nifty has made a rally of whopping 1000 points from the low. It has marginally closed above trend line resistance . Medium term trend reversal will happen of it closes below 11955.

Nifty medium term trend

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	5783
Reversal if closes above	5575

Thought for the day

 

God is merciful to those whom he sees struggling heart and soul for realization. But remain idle without any struggle and you see that his struggle will never come. - Swami Vivekananda 

Technical updates on Bank Nifty and HDFC Bank

Bank Nifty weekly chart

Bank Nifty has breached trend line resistance which is a bullish sign. We have another two trading sessions in this week and if Bank Nifty doesn't sustain above this trend line then we can consider short. If it sustains above this trend line then possible target will be 12200. Medium term trend is up and reversal will be closing below 11650 .

HDFC Bank

HDFC Bank breached trend line resistance at Rs.645 but now uptrend is temporarily halted at another resistance. Supports and resistance will be breached some day but traders should be little bit cautious at these levels as they can cause reversal. Down trend in HDFC Bank will start if it closes below Rs.640.

Nifty medium term trend

Trend	DOWN
Initiation Date	26-02-13
Initiated at	5761
Low since change	5569
Reversal if closes above	5780

Breakout !!

Nifty daily chart

Today Nifty has breached major resistance at 5665 as well as 200 DMA which has changed the short term trend to positive. Nifty will remain in uptrend as long as it is above 5580. 

Nifty medium term trend

Trend	DOWN
Initiation Date	26-02-13
Initiated at	5761
Low since change	5569
Reversal if closes above	5780

Technical updates on Nifty and Bank Nifty

Nifty daily chart

Nifty has continued to trade in a narrow range. In today's trading session it has reached important trend line resistance. So I will not be surprised if Nifty once again falls down in tomorrow trading session. Best thing to do in choppy market is to stay away from index. However traders can consider selected high beta index stocks for trading.

Bank Nifty weekly chart

Bank Nifty has made a sharp bounce back in past  trading sessions. SBI , Axis Bank , PNB etc have performed well. But this bounce back could be a potential trap!!. In daily chart Bank Nifty has breached 200 DMA which is a bullish sign. But look at weekly chart it is nearing important resistance. So long position holders in Banking sector stay alert. 

Nifty medium term trend

Trend	DOWN
Initiation Date	26-02-13
Initiated at	5761
Low since change	5569
Reversal if closes above	5780

Thought for the day

Why are people so afraid ? The answer is that they have made themselves helpless and dependent on others , we are so lazy that we don't want to do anything by ourselves. We want a personal god , or a savior or a prophet to do everything for us - Swami Vivekananda

Technical updates on ICICI Bank , HDFC Bank and Tata Motors

ICICI Bank

ICICI Bank has sustained the breakout but compared to SBI or Axis Bank it didn't gain much momentum. We have bullish position in ICICI Bank.

HDFC Bank

HDFC Bank is trading within a sloping channel. The importance of this channel is very high as it indicates primary trend of the stock. Now HDFC Bank has once again reached resistance level. Long position can be considered if it breaks this resistance.

Tata Motors

Similar to HDFC Bank , Tata Motors also has reached resistance level at Rs. 282. Breakout from this level can take Tata Motors to Rs.310.

Nifty medium term trend

Trend	DOWN
Initiation Date	26-02-13
Initiated at	5761
Low since change	5569
Reversal if closes above	5780

 

Thought for the day

The mind is nothing but subtle part of the body. You must retain great strength in mind and words - Vivekananda

Technical updates on Bank Nifty and ICICI Bank

Bank Nifty

Bank Nifty has formed triangle formation in daily chart. In today's trading session it has closed exactly at resistance level. If it breaks trend line resistance then we can expect uptrend. However low risk entry is to buy if it closes above 200 DMA.

ICICI Bank

ICICI Bank has breached trend line resistance. MACD , RSI are indicating buy and so traders can create long position.

Range of the market is as of now narrow. Either uptrend or downtrend is not sustaining for long time. Since medium term trend of market is down long position holders should come out little bit early so that you won't end fall in to traps.

Nifty medium term trend

Trend	DOWN
Initiation Date	26-02-13
Initiated at	5761
Low since change	5569
Reversal if closes above	5780

Thought for the day

Every action that helps up to manifest our divine nature more and more is good. Anything that retards that is evil. - Swami Vivekananda

Technical update on Nifty

Nifty daily chart

Nifty has made a sharp bounce back from channel support level. But now it will face resistance at trend line (marked in red , 200 DMA which is around 5660 and then upper part of channel which is also at 5660. So over all Nifty will be in a narrow range and keep surprising traders with sudden pull back or fall. Stay cautious.

Nifty medium term trend

Trend	DOWN
Initiation Date	26-02-13
Initiated at	5761
Low since change	5569
Reversal if closes above	5780

Thought for the day

The mind has to be made malleable like clay. Just as clay sticks wherever you throw it, so the mind must be made to dwell upon whatever object you concentrate it. - Swami Vivekananda

Technical update on LT

 

LT daily chart

LT has formed a triangle formation in daily chart. Breakout from this pattern is required for continuation of down trend. Till then positional trader who use break out strategy should wait and watch.

Nifty medium term trend

Trend	DOWN
Initiation Date	26-02-13
Initiated at	5761
Low since change	5534
Reversal if closes above	5780

 

Thought for the day

Stand up be bold , be strong , take the whole responsibility on your shoulder and know that you are the creater of your destiny . All the strength you want is within yourself. Therefore make your own future - Swami Vivekananda

Technical updates on Bharti and Bank Nifty

Bharti weekly chart

Bharti has breached two important supports on weekly basis. It has breached trend line support (market in red) and it has also breached support at Rs.283. Now it is likely to test previous low.

Bank Nifty

Bank Nifty is facing stiff resistance around 11600. As long as it is below this level we cannot expect sustainable rally. We have continued to hold short in Bank Nifty.

Commodity update

Among base metals Zinc has started uptrend. Stop loss is closing below Rs.101.

Nifty medium term trend

Trend	DOWN
Initiation Date	26-02-13
Initiated at	5761
Low since change	5534
Reversal if closes above	5780

Thought for the day

Who makes us ignorant? We ourselves. We put our hands over our eyes and weep that it is dark.- Swami Vivekananda

Technical updates on Nifty

Nifty daily chart

Nifty has continued to fall ans this time it has closed below 200 DMA as well as below trend line support. Close below 200 DMA indicates that primary trend is down and all bounce back will be followed by large fall in the market. Usually breakout from 200 DMA lasts for many weeks and some times months. Nifty has support at 5550 which is the bottom made on 19/11/2012. Once this trend support is breached next target will be 5500-5450.

Bank Nifty has indicated fresh short opportunity and we have executed that. Apart from this ICICI bank , LT , Infy , TCS , Bharti , R Cap are some of the stocks which have indicated short.

Nifty medium term trend

Trend	DOWN
Initiation Date	26-02-13
Initiated at	5761
Low since change	5565
Reversal if closes above	5780

Technical update on Bank Nifty

Bank Nifty daily chart

Even though Bank Nifty was trading in green in for some time it has closed in red with deep cut. It has closed below 200 DMA. Is it going to fall further ? Lets see.

Bank Nifty weekly chart

In the above chart you can see that Bank Nifty is facing resistance around 11590 where trend line is located. Earlier this trend line was acting as support but now it will be a major resistance. 

Nifty medium term trend

Trend	DOWN
Initiation Date	26-02-13
Initiated at	5761
Low since change	5612
Reversal if closes above	5895

Technical updates on Bank Nifty and SBI

Bank Nifty daily chart

Bank Nifty has sustained above 200 DMA for two consecutive trading sessions. Medium term uptrend has just started in Bank Nifty. It is likely to move towards 11900.

SBI

SBI has bounced back from support at Rs.2050. Potential target is Rs. 2200.

We have continued to hold long in Nifty fut initiated at Rs.5716 and today we have initiated bull call spread in LT. 

Nifty medium term trend

Trend	DOWN
Initiation Date	26-02-13
Initiated at	5761
Low since change	5612
Reversal if closes below	5895

 

Thought for the day

I  thoroughly believe that no power in universe can with hold anyone from anything they deserve - Swami Vivekananda

Technical updates on LT

LT daily chart

Trend indicators in daily chart has indicated uptrend in LT. Trend will remain up as long as it is above Rs.1350. In the above chart you can see that LT is forming lower top lower bottom formation which is medium term bearish structure. If it closes above Rs.1485 then medium up trend will start. Till then these bounce back will not last too long.

Nifty medium term trend

Trend	DOWN
Initiation Date	26-02-13
Initiated at	5761
Low since change	5612
Reversal if closes below	5895

Thought for the day

A tremendous stream is flowing toward the ocean, carrying us all along with it; and though like straws and scraps of paper we may at times float aimlessly about, in the long run we are sure to join the Ocean of Life and Bliss. - Swami Vivekananda