Bounce back ??

Nifty has formed 'hammer' candle stick formation in weekly chart . It has also taken support at 20 WMA . Nifty is likely to bounce back from current level . If it closes above 8300 then there are greater chances that it will reach 8400-8450-8500 and above . So Once it closes above 8300 buy next month 8400 call option . Finally as per the chart formation Nifty can create new high in coming days .

 

Nifty weekly chart

After reaching the resistance zone Nifty has made  a sharp decline . This decline is expected to continue till 8100. So continue to hold put options / short positions with trailing sl .

LT Weekly chart

LT has closed below 20 WMA which is a bearish sign . It is likely to fall another  25-50 rs .

Tata Sponge

Tata Sponge has started to form lower top lower bottom which shows that bears are dominating .  Even if it bounces it will face selling pressure . If it breaks the trend line support then free fall can be expected .

Nifty is likely to continue uptrend and expected to reach 8100-8150 + . Buy next month 5100 call (1-2 lots) option and hold as long as Nifty is above 7790.

 

Nifty

In the last post I had mentioned the possibility of Nifty reaching 7800-7700 . Second targets is almost achieved . Nifty has breached an important support in the last trading session .Nifty is likely to go down further . 

Gold

Gold is in uptrend from few days . It is likely to reach 28000 in short term . Continue to hold long positions .

Nifty has started short term down trend . Expected targets are 7800-7700. Reversal will be closing above 8100.

Nifty

Nifty has bounced back from past two trading sessions after a sharp decline . As long as Nifty is above 7900 medium term trend will remain up . Traders can buy call option for a target of 8100-8200 in short term . Stop loss will be daily close below 7900.

Gold

This is the weekly chart of Gold  where you can see that it is trading at important support level . Major support is at 25800 and if gold reaches then traders can consider long position .

Nifty

Nifty has breached resistance at 7800 and created new high . If it sustains above 7800 then there are greater chances that it will reach 8000 -8200 in medium term . Reversal will be closing below 7800 on weekly basis . 

LT

After breaching resistance at 1475 LT made a high of 1770 . Now as you can see in the above chart 1475 which was acting as resistance is acting as support . As long as LT stays above this level Trend will be up .

Nifty trading in a range

Nifty is likely to trade between 7800 to 7400 from some time . If it closes below 7400 then expected tgt is 7000 . On the other hand above 7800 it can reach 8200. Chances of downtrend is high as RSI is showing signs of divergence . 

Asian Paints

Asian paints is trading within a ascending channel from some time . Now it has reached resistance level . Medium term traders should book partial profit and wait for breakout .

SBI monthly chart

SBI monthly chart

SBI has breached trend line resistance in monthly chart . However to initiate long position we need to wait for monthly close above the trend line . SBI can face resistance at 2530 level as it has formed multiple peaks at this level . Overall trend remains up .

Nifty Monthly Chart

Nifty has breached an ascending channel decisively . If it manages to close above this channel on monthly basis then next target will be 7800 . Investors should continue to hold their positions and speculators buy on dips . 

Technical updates on Nifty

Nifty weekly chart

Last week Nifty has breached another resistance . 6550 will act as strong support . As we all know earlier Nifty was trading within a range of 375 points ( 6345 to 5970) . After the breakout above 6345 technical target was (6345+375) 6720 . Nifty has already achieved this target and now there could be possibilities of consolidation.

Nifty

 

Nifty has closed above the resistance on weekly basis . This is not the time to short based on the assumption that it cannot go further . Long should be created and sl will be closing below 6300. 

Bharti

As expected Bharti has bounced back from support at 290 . Short term target is 330.

Technical updates on Nifty and PNB

Nifty

Nifty has once again reached resistance at 6330 . Unless this level is breached on weekly close basis we cannot expect further rally . 

PNB

PNB is forming lower high lower low in weekly chart . Now it has reached trend line resistance . Traders can consider short if it closes above trend line resistance then loss should be booked .

Bajaj Auto

Bajaj Auto is approaching trend line resistance which is a profit booking region . Futures traders can short at those levels . Closing above trend line will be stop loss.

Sun Pharma

Sun Pharma is forming higher high and higher low from few weeks . If it breaks this region then further rally is possible.

Bharti Airtel

Bharti Airtel is trading at a major support level . Traders can buy for short to medium term.

Ambuja Cement

Ambuja Cement is taking support at Rs.150 . If it breaks this level on closing basis then further fall is likely .

REC

 

 

REC has bounced back from the low of Rs.166 . Now it is likely to reach Rs.195 where trend line resistance is situated.

JSW Steel

JSW Steel has made a spectacular rally in past few weeks . Now it has retraced  61.8% retracement . There are possibilities that it will hold this level . Lets see.

Technical updates on Nifty and KPIT

Nifty weekly chart

 Nifty is trading within a narrow range from few months . Now it is likely to reach lower part of the band which is 5980 . If it breaks this level on weekly basis then it can fall by 100-200 points.

Nifty monthly chart

 

 

Nifty is forming higher highs and higher lows in monthly chart which is a bullish sign. Now it is trading at the important resistance level . If it breaks this level (which may not happen till election) then it will certainly reach 7000.

KPIT

 

 

 

Monthly chart of KPIT proves the point that price movements are not random but they follow a pattern . KPIT tested resistance at 189 and now corrected . Investors should consider exit atleast partially and re enter if it breaks Rs.200.