Technical updates on Bank Nifty and ITC

Bank Nifty weekly chart

In weekly chart Bank Nifty has breached an important resistance level and it has sustained for two consecutive weeks. As long as it is above the trend line possibility of reaching previous peak is very high. 

ITC weekly chart

ITC has reached upper part of the channel. Candle stick formation shows that ITC is facing resistance around Rs.324. Breakout from this channel will take ITC to much higher levels.

 

 Nifty medium term trend

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	5924
Reversal if closes above	5680

Thought for the day

Authentic happiness isn’t something  we can go out and get, buy, beg, borrow or steal,  it’s  only something we can be, and it’s a choice we make with every breath we take.

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Breakout in Nifty and Tata Motors

 

Nifty daily chart

 

 

Nifty is breaking every resistance and today it has confirmed another breakout. Now as long as Nifty is above the trend line it is likely to continue uptrend. Possible targets are 5970-6100. 

Tata Motors

Tata Motors had major resistance at Rs.285. In the above mentioned chart you can see that Rs.285 has acted as support as well as resistance many times in the past. Expected target is Rs.310.

We have initiated long in both Nifty as well as Tata Motors.

Nifty medium term trend

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	5924
Reversal if closes above	5680

Thought for the day

"In India , we want karmayoga , yoga of work. We have to live in the present. We cannot afford to live in one part of the world shutting our doors and windows to the other parts. When India attains freedom then Indians have to fight their existence against modern enemies equipped with modern weapons. They have to survive in the modern days , in the field of modern economics and politics. The age of bullock cart is gone. For India would have to be self sufficient in modern arms and weapons and always have to be ready with to defend herself until such a time as whole world decides to lay down arms and ammunition" - Subhash Chandra Bose

Technical updates on SBI

SBI daily chart

SBI has reached an important resistance level at Rs.2350. In daily chart SBI has formed bearish engulfing pattern which is a bearish sign however it needs to close below Rs.2265 for confirmation of short term down trend.

Nifty medium term trend

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	5845
Reversal if closes above	5575

Technical updates on Nifty and Tata Motors

Nifty

In today's trading session Nifty has reached expected target 5830. Since it has reached major resistance level we have booked profit in Nifty fut. If Nifty closes above the trend line then we will consider long position.

Tata Motors

Tata Motors has breached trend line resistance. But in today's trading session unfortunately it didn't gain much momentum. We have initiated long in Tata Motors. Lets see!!

Nifty medium term trend

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	5845
Reversal if closes above	5575