Technical updates on Nifty

Nifty daily chart

Nifty has corrected by whopping 165 points. Now there is a support around 5600. Nifty may hold this support at least temporarily. If this support is breached then further fall is likely. Weakness in rupee is a major concern. 

Disclaimer : Charts presented here are not for recommendation or to advice . They are for educational purpose. More details such as stop loss , target are shared with subscribers.

 

Nifty medium term trend

Trend	DOWN
Initiation Date	23-05-13
Initiated at	5967
Low since change	5645

Thought for the day

The first to apologize is the bravest, the first to forgive is the strongest, and the first to forget is the happiest.

Technical updates on Nifty and Rel Cap

 

Nifty

 

Nifty has managed to sustain above 200 DMA for three consecutive trading sessions and 'V' shape recovery looks like island reversal formation. So as per chart structure trend is up . Tonight FOMC meet is conducted in USA which will decide further direction of the market. Lets see.

Rel Cap

Rel Cap is continuously moving from Rs.315 and now it has reached a critical resistance level. Breakout from this level will lead to further rally.

Disclaimer : Charts presented here are not for recommendation or to advice . They are for educational purpose. More details such as stop loss , target are shared with subscribers.

Nifty medium term trend

Trend	DOWN
Initiation Date	23-05-13
Initiated at	5967
Low since change	5683

Thought for the day

When you lose, don’t lose the lesson - Dalai Lama

Technical updates on Nifty and SBI

Nifty

Nifty has sustained above 200 DMA for two consecutive trading sessions. As per my trading system short term uptrend has just started and trend will remain up as long as Nifty is above 5750. I am expecting a target of 5950.

SBI

MACD and RSI of SBI has turned positive. Medium term trend of SBI is up and reversal will be closing below 2015.

Disclaimer : Charts presented here are not for recommendation or to advice . They are for educational purpose. More details such as stop loss , target are shared with subscribers.

Nifty medium term trend

Trend	DOWN
Initiation Date	23-05-13
Initiated at	5967
Low since change	5683

Thoughtt for the day

This is the real secret of life,to be completely engaged with what you are doing in the here and now. And instead of calling it work, realize it is play.

Nifty daily chart

Nifty

Nifty has made a sharp bounce back from the low of 5683 and marginally closed above 200 DMA. Continuation of uptrend on Monday will confirm the uptrend. We will initiate long if Nifty closes above 5830.  This intermediary pull back can sustain as long as Nifty is above 5750. If Nifty sustains below 5750 for few hours then it is better to exit long positions.

Nifty medium term trend

Trend	DOWN
Initiation Date	23-05-13
Initiated at	5967
Low since change	5683

Thought for the day

 

Somebody said to god " I want peace " . God said remove "I" that is ego , remove "want" that is desire and  peace will be automatically there.

Technical updates on Tata Motors , TCS and ITC

Tata Motors weekly chart

Tata Motors has reached an important support level at 285 in weekly chart. If it closes below this level on weekly basis then we might notice decent amount of fall . Since tomorrow is the last trading session of the week traders should closely watch Tata Motors.

TCS

TCS has closed below trend line support and hence there are possibilities of further fall.

ITC

After breakout from resistance at Rs.324 ITC reached a peak of Rs.350. But now it has once again closed below trend line support. Wait for further fall before considering long.

Nifty medium term trend

Trend	DOWN
Initiation Date	23-05-13
Initiated at	5967
Low since change	5683

284 points correction since indication on 23/05.  Still you want to follow US market , IIP , Inflation , RBI policy ??!! Well , good luck.

Thought for the day

We should never negotiate out of fear, but we should never fear to negotiate .