Technical updates on Axis Bank , LT and SBI

 

Axis Bank

Axis Bank has breached previous peak at Rs.1515 and closed at Rs.1530. Even at Rs.1530 RSI is not over bought so there are possibilities of further rally.

LT

LT has reached a major resistance line at Rs.1600 (observe green line) If LT closes above this line then once again long position can be considered.

 SBI

SBI has closed above diagonal trend line resistance. Further rally is possible as long as it is above Rs.2390.

Technical updates on Nifty and Tata Motors

Nifty

Nifty has made a spectacular rally . A rally which was not imagined. It has breached previous peak 6100 and closed at 6146. Short term trend reversal will be closing below 6030.

Tata Motors

Tata Motors has once again reached resistance at Rs.310. Breakout from Rs.310 might take Tata Motors to Rs.336 in short term. RSI is showing divergence.

Nifty medium term trend

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	6157
Reversal if closes below	5870

Thought for the day

All tyranny needs to gain a foothold is for people of good conscience to remain silent.

Technical update on Rel Cap and Nickel

Reliance Capital

In today's trading session Reliance Capital was one of the losers. It has closed below 20 DMA which indicates beginning of down trend. Trend is likely to be down as long as it is below Rs.381.

Nickel

In recent times Nickel has rallied from Rs.795 to Rs.850. In the above chart you can observe that Rs.850 was acting as support and now it is the resistance. Continuation of uptrend cannot be expected unless Nickel breaks Rs.850

Nifty medium term trend

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	6114
Reversal if closes below	5870

Thought for the day

The one unchangeable certainty is that nothing is unchangeable or certain.

Blood bath !!

Nifty 

Nifty , after reaching previous peak at 6100 , has lead to a major fall. In above chart you can see that it has closed around 5970 a level which has acted as resistance. 5970 is the last support for Nifty. If Nifty closes below this level then major fall can be expected. Trend indicators in daily chart have indicated down trend . Reversal of the down trend will be closing above 6100.

LT

LT had support at Rs.1535 and in today's trading session this support is breached. As per trend indicators medium term down trend has just started and trend is likely to remain down as long as it is below Rs.1565.

Bharti

Bharti was unable to break resistance at Rs.330. Now it is expected to reach Rs.280 in medium term.

Nifty medium term trend

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	6114
Reversal if closes below	5870

Thought for the day

You have enemies? Good. That means you’ve stood up for something, sometime in your life.

Technical updates on Nifty and Hero Motoco

Nifty weekly chart

Nifty has completed 100% retracement. It is likely to consolidate for a while in these levels. Considering long at this stage is very risky , so traders should wait for downtrend to start. If low risk and high profit potential opportunity is available it will be intimated.

Hero Motocop

Hero Motoco has breached trend line resistance and now it is consolidating. As long as it trades above the trend line trend will remain up.