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

If you find yourself fortunate enough to be traveling down the right path in life, don't forget to take time to remember those that cut the path for you to follow

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

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