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

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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