Technical updates on Bank Nifty

Bank Nifty weekly chart

Bank Nifty has reached an important support level. Trend indicators in daily chart has indicated buy and I have initiated long in Bank Nifty. Initiating long after a significant rally may look like a stupid decision but I have to believe and follow my trading method . We can only follow a trend and according to me we will never know how long a given  trend will last.

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	5566

 

Thought for the day

Storms make trees roots take deeper

Technical updates on Tata Motors

Tata Motors daily chart

Tata Motors has breached major support at Rs.283 . It is likely to fall to Rs.260 in short term.

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	5566

Thought for the day

I used to desire many, many things, but now I have just one desire, and thats to get rid of all my other desires.

Technical updates on Nifty and Ambuja Cement

Nifty

In yesterday's trading session Nifty has closed below trend line support. Today even though it traded above the trend line in the last half an hour there was a sharp fall in Nifty. Nifty needs to sustain above 5750 to begin a intermediary up trend.

Ambuja Cement

Ambuja Cement is trading with in a channel formation from months. Now it has reached major resistance level.

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	5616

Thought for the day

 

When you spend time worrying, you’re simply using your imagination to create things you don’t want.

Technical upddates on Nifty and Bank Nifty

Nifty

As expected Nifty has taken support at trend line. There could be a bounce back since Nifty has fallen from the level of 5860. As per trend indicator Nifty will enter uptrend if it closes above 5785.( Yes there will be time lag but accuracy is more than 80%). Falling rupee is a major concern which might pull down the market even further. If anyone want to consider short then it should be done only if Nifty closes below trend line.

Bank Nifty

Bank Nifty is also trading around support level which is at 11200. Closing below this on weekly basis will lead to further fall.

Nifty medium term trend

Trend	DOWN
Initiation Date	23-05-13
Initiated at	5967
Low since change	5616

Thought for the day

The only place where success comes before work is in the dictionary.

Technical updates on Nifty

Nifty daily chart

Nifty has corrected by whopping 165 points. Now there is a support around 5600. Nifty may hold this support at least temporarily. If this support is breached then further fall is likely. Weakness in rupee is a major concern. 

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	5645

Thought for the day

The first to apologize is the bravest, the first to forgive is the strongest, and the first to forget is the happiest.

Technical updates on Nifty and Rel Cap

 

Nifty

 

Nifty has managed to sustain above 200 DMA for three consecutive trading sessions and 'V' shape recovery looks like island reversal formation. So as per chart structure trend is up . Tonight FOMC meet is conducted in USA which will decide further direction of the market. Lets see.

Rel Cap

Rel Cap is continuously moving from Rs.315 and now it has reached a critical resistance level. Breakout from this level will lead to further rally.

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	5683

Thought for the day

When you lose, don’t lose the lesson - Dalai Lama