Nifty and BHEL

Nifty Hourly Chart

Nifty is indicating a breakout from the trend line in hourly chart. Indicator like RSI has given buy signal. So today's closing of Nifty at 4948 has confirmed short term uptrend.

Nifty Daily Chart

Nifty has bounced back from 4800. Nifty has managed to close above 4940. Now the target will be 5000-5150 and 5200.

BHEL

BHEL is consolidating in a narrow range. Indicators like MACD and Stochastics are showing the signs of  short term uptrend.Buy BHEL only if closes above 1791 target is up to 1900(level 1900 was acting as support earlier and now resistance.) in short term stop loss below 1750.

Nifty and M&M

Nifty Daily Chart

Nifty has managed to take support at 4800. Do not short untill market closes below 4800. Buy Nifty only above 4940 for a target of 5000-5100 keeping a stop loss of 4900.

M&M

After reaching a descending trend line M&M is consolidating in a narrow range of 30-40 points. Short M&M if it closes below Rs.700 target Rs.680-660 stop loss above 715.(short term call)

Nifty and LT

Nifty Daily Chart

Nifty is out of the consolidation and has tested the crucial level 4800 but managed to close above 4800.

If nifty closes below 4800 it can go down up to 4600. Now 4940 can act as resistance and any long position in Nifty should be taken only  above 5940 for a short term target of 5100-5150.

LT Weekly Chart

Parabolic SAR on weekly chart is showing sell signal. Other indicators like MACD and stochastics are indicating that trend could be down for medium term. Sell LT at CMP for a target of Rs.1500 stop loss 1575.(2-4 days)

(Above mentioned levels are spot levels. Targets are indicative, you can exit much earlier)

Disclaimer: Above mentioned calls are based on my understanding about technical analysis. Please do your own due diligence before taking them.

Nifty and Maruti

 Nifty consolidation continues.......

Nifty trading in a narrow range of  200 points. Option traders please wait for the breakout on either side before buying call or put. Futures traders can take long at CMP keeping a strict stop loss at 4990 for a possible target of 5100-5150.

Maruti

Today Maruti was one of top losers among nifty stocks. It has taken support at the ascending trend line. But closing below Rs.1173will create selling pressure. Indicators like MACD, Stochastics are showing sell signal and tomorrow if it manages to reach Rs.1170 we will get sell signal from Parabolic SAR.Based on above observation sell Maruti below Rs.1173 for a short term target of Rs.1155-1120 stoplossclosing above Rs.1190

Niifty and M&M

No Signs of Recovery !?

Today  Nifty has closed at 5036 which is a new low. In earlier trading sessions, even though Nifty was below 5000 it managed to close at 5073. Closing at 5036 may indicate that bears are dominating the market. Momentum indicators like MACD, Stochastics and trend indicator Parabolic SAR are -ve and there is no signs of a pullback in the market. Those who bought call option based on the intuition(but not on evidence) will be under great loss. Buy Nifty only if it closes above 5200. Closing below 5490 will bring the market to 4800.

Nifty Intraday Levels : Buy above 5086 tgt 5105-5158

                                  Sell  below 4986 tgt 4967-4914

(Above mentioned are spot levels)

M&M

M&M has reached very important resistance level. The importance of this falling trend line is high as it is formed from November 2010 and M&M has tested this trend line many times but failed to breach it. Stochastics has reached overbought level and bearish engulfing pattern of candlestick shows that one can short M&M at current level for a target of Rs.720 keeping a stoploss above Rs.748.