Technical updates on Kotak Bank and DLF

Kotak Bank

Kotak Bank has just started down trend. It faced resistance at Rs.695 and now it has started correcting. It has closed below previous peak at Rs.675 and oscillators like MACD , RSI are indicating sell. We are bearish from short term point of view.

DLF

 

DLF has breached trend line support at Rs.267. Further fall is expected. 

Nifty medium term trend 

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6111
Reversal if closes below	5800

Thought for the day

Sometimes you may feel like you are just about to realize your goal only to fall short. That is no reason to quit. Defeat happens only to those who refuse to try again - Nick Vijucic

 

Technical Updates on HDFC Bank and Infy

HDFC Bank Weekly Chart

HDFC Bank was in down trend from few months and now signs of uptrend are visible. It has taken trend line support at Rs.640 and made a bounce back. Long position can be created. More details for subscribers.

Infy

Infy made a spectacular rally after quarterly result. However it has entered consolidation phase. It has support around Rs.2735 and closing below this level will lead to further fall.

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6111
Reversal if closes below	5800

Thought for the day 

“I encourage you to accept that you may not be able to see a path right now, but that doesn't mean it's not there.”- Nick Vijucic

Technical updates on SBI and ICICI Bank

SBI

Refer to previous update about SBI http://karthik4bullsnbears.blogspot.in/2013/01/market-updates-for-31012013-sbi-weekly.html and compare with actual performance.

Now SBI is trading at important support at Rs. 2275. If you are holding short then this is the time to book profit and wait for break out or sustainable bounce back.

ICICI Bank

ICICI has breached an important trend line support at Rs.1135. Likely to fall further.

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6111
Reversal if closes below	5800

Thought for the day

We can't, and we should not, compare sufferings. We come together as a family of God, hand in hand. And then together coming and standing upon the promises of God, knowing that no matter who you are, no matter what you're going through, that God knows it, He is with you, He is going to pull you through - Nick Vijucic

Technical updates on Nifty and Bank Nifty

Nifty weekly chart

Nifty has closed below 5900 on Friday's trading session. It has closed at important support level. As per trend indicators in daily chart short term trend has turned negative  and it will remain down as long as Nifty is below 6000.

Bank Nifty weekly chart

Bank Nifty is under pressure and it is expected to test trend line support which is at 12100. Since it has closed below support at 12400 medium term trend has turned down and reversal will be closing above 12800.

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6111
Reversal if closes below	5800

Thought for the day

 

“The challenges in our lives are there to STRENGTHEN our CONVICTIONS. They are NOT there to run us over.”  - Nick Vijucic

Technical updates on JSW Steel and LT

JSW Steel Weekly chart

 

JSW steel had failed to continue its uptrend after breakout. Now it has once again fallen back into channel and based on daily chart trend indicator we have initiated short in JSW Steel Fut at Rs. 849.35.

LT Weekly chart

LT was consolidating between Rs.1530-1600 from past 3 weeks. Now it is trading below the support level. Likely to continue down trend. Note that we have one more trading day left so weekly closing below support is important.

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6111
Reversal if closes below	5800

Thought for the day

Arise! awake! stop not till you reach the goal - Swami Vivekananda