Technical updates on Axis Bank and Tata Motors

Axis Bank

Axis Bank was trading between Rs.1445-1516 from past one month. In today's trading session it has breached this support. It is likely to fall further.

Tata Motors

Similar to Axis Bank , Tata Motors has indicated break out but on upside. Rs.310 was very strong resistance level for Tata Motors and today this resistance is breached. We have long position in Tata Motors.

Nifty medium term trend

Trend	DOWN
Initiation Date	23-05-13
Initiated at	5967
Low since change	5936

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.

 

Technical update on Nifty

Nifty daily chart

Nifty has bounced back from 5970 which is an important support level. Now it has reached 6110 which is an important resistance level. If Nifty closes above this level then it can reach 6225. Otherwise it will come down to 5970. To summarize 5970-6110-6225 are the important levels to watch and market can remain in this range for some time. There is also a possibility that Nifty is forming a bearish head and shoulder pattern.

Nifty medium term trend

Trend	DOWN
Initiation Date	23-05-13
Initiated at	5967
Low since change	5936

Thought for the day

Look at a day when you are supremely satisfied at the end. It’s not a day when you lounge around doing nothing; it’s when you’ve had everything to do, and you’ve done it.

Technical updates on Nifty and Bank Nifty

Nifty weekly chart

Nifty has witnessed a major fall in last week. Both short term and medium term trend is down. 5970 is an important support level and once Nifty closes below this level down trend will resume. As per weekly chart Nifty has completed 38.2% retracement. It is likely to reach 5850-5760 in medium term.

Bank Nifty weekly chart

Bank Nifty faced stiff resistance at 13300 and now it is in corrective phase. There are possibilities that it can reach 12400 in short term. 12400 is the level which was acting as resistance and now the same level can act as support.

Nifty medium term trend

Trend	DOWN
Initiation Date	23-05-13
Initiated at	5967
Low since change	5936

Technical update on Axis Bank and TCS

Axis Bank daily chart

Axis Bank had spent significant amount of time between Rs.1445-1515. Breakout above Rs.1515 was not sustained (this is how loss happens and analyst will be blamed ) and now it has reached support zone. Traders need not to regret that they didn't encash the fall. Because short can be considered once it closes below support zone. 

Hero Motoco daily chart

Hero Motoco had breached trend line resistance. But now it is consolidating in a tight range. Trend line which was acting as resistance is now acting as support. If it closes below this trend line further fall can be expected.

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	DOWN
Initiation Date	23-05-13
Initiated at	5967
Low since change	5967

Thought for the day

Whenever you feel like criticizing any one… just remember that all the people in this world haven’t had the advantages that you’ve had

Technical update on TCS and Lead

TCS

So far TCS was forming lower top but now it has breached trend line resistance. Minor resistance is at Rs.1500 but traders should look to buy TCS for medium term.

Lead

Lead had formed inverted head and shoulder pattern and in yesterday's trading session it has breached this formation. Lead should be bought on every dip.

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	18-04-13
Initiated at	5783
High since change	5229

Thought for the day

As you simplify your life,the laws of the universe will be simpler; solitude will not be solitude, poverty will not be poverty, nor weakness weakness.

Technical update on Nifty

Nifty

Nifty has closed around 6100 which is a major support level. If Nifty closes below this support then it can reach 5970 in short term.

Nifty medium term trend

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	5229

 

Thought for the day

Follow your heart but take your brain with you.

Technical update on Nifty

Nifty daily chart

One important observation in daily chart of Nifty is that RSI is showing bearish divergence. Index has gone up but RSI has formed a lower top which indicates that bulls are tired. In best case scenario it might touch 6300 but in short term there is no possibility of breaking this level.

Technical update on Nifty and Bank Nifty

Nifty weekly chart

 

In the last week Nifty has completed 100 % retracement and managed to close above previous high 6100. Momentum is strong and companies like LT, SBI , PNB, HDFC Bank , Axis Bank and even IT sector is also doing well. The possibility of reaching 6300 is very high.

Bank Nifty weekly chart

Bank Nifty has reached previous high that is 13300 which was made in the year 2010. Suppose it breaks this level it can reach 13500.

One important observation in both Nifty and Bank Nifty charts is that RSI is not over bought. Does this mean that market has strength to create new high?? Lets see.

Nifty medium term trend

 

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	6199

 

Thought for the day

A good friend is a connection to life a tie to the past, a road to the future, the key to sanity in a totally insane world

Technical updates on Axis Bank , LT and SBI

 

Axis Bank

Axis Bank has breached previous peak at Rs.1515 and closed at Rs.1530. Even at Rs.1530 RSI is not over bought so there are possibilities of further rally.

LT

LT has reached a major resistance line at Rs.1600 (observe green line) If LT closes above this line then once again long position can be considered.

 SBI

SBI has closed above diagonal trend line resistance. Further rally is possible as long as it is above Rs.2390.

Technical updates on Nifty and Tata Motors

Nifty

Nifty has made a spectacular rally . A rally which was not imagined. It has breached previous peak 6100 and closed at 6146. Short term trend reversal will be closing below 6030.

Tata Motors

Tata Motors has once again reached resistance at Rs.310. Breakout from Rs.310 might take Tata Motors to Rs.336 in short term. RSI is showing divergence.

Nifty medium term trend

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	6157
Reversal if closes below	5870

Thought for the day

All tyranny needs to gain a foothold is for people of good conscience to remain silent.

Technical update on Rel Cap and Nickel

Reliance Capital

In today's trading session Reliance Capital was one of the losers. It has closed below 20 DMA which indicates beginning of down trend. Trend is likely to be down as long as it is below Rs.381.

Nickel

In recent times Nickel has rallied from Rs.795 to Rs.850. In the above chart you can observe that Rs.850 was acting as support and now it is the resistance. Continuation of uptrend cannot be expected unless Nickel breaks Rs.850

Nifty medium term trend

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	6114
Reversal if closes below	5870

Thought for the day

The one unchangeable certainty is that nothing is unchangeable or certain.

Blood bath !!

Nifty 

Nifty , after reaching previous peak at 6100 , has lead to a major fall. In above chart you can see that it has closed around 5970 a level which has acted as resistance. 5970 is the last support for Nifty. If Nifty closes below this level then major fall can be expected. Trend indicators in daily chart have indicated down trend . Reversal of the down trend will be closing above 6100.

LT

LT had support at Rs.1535 and in today's trading session this support is breached. As per trend indicators medium term down trend has just started and trend is likely to remain down as long as it is below Rs.1565.

Bharti

Bharti was unable to break resistance at Rs.330. Now it is expected to reach Rs.280 in medium term.

Nifty medium term trend

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	6114
Reversal if closes below	5870

Thought for the day

You have enemies? Good. That means you’ve stood up for something, sometime in your life.

Technical updates on Nifty and Hero Motoco

Nifty weekly chart

Nifty has completed 100% retracement. It is likely to consolidate for a while in these levels. Considering long at this stage is very risky , so traders should wait for downtrend to start. If low risk and high profit potential opportunity is available it will be intimated.

Hero Motocop

Hero Motoco has breached trend line resistance and now it is consolidating. As long as it trades above the trend line trend will remain up.