Technical updates on Bank Nifty

Bank Nifty weekly chart

Bank Nifty is trading below trend line support which is a bearish sign. But since this is the weekly chart we have to wait for close below trend line on weekly basis. Lets wait till Friday.

Technical updates on Nifty and Tech Mahindra

Nifty

Based on daily chart I had mentioned about possible target of 6100. But today there was a sudden decline. Above is the hourly chart of Nifty. You can see that Nifty reached a critical resistance level and then corrected. 5900 was acting as resistance now it can act as intermediary support. Downtrend will continue if Nifty closes below 5900. 

Tech Mahindra

Tech Mahindra has formed double top which is a bearish formation. There are possibilities of correction. Lets see.

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	UP
Initiation Date	01-07-13
Initiated at	5898
High since change	6038

Thought for the day

Don’t take yourself so seriously. No one else does !!

Technical updates on Nifty and IDFC

Nifty

Nifty has sustained above 5970 for two consecutive days. Next expected target is 6100. Some traders are buying put based on anticipation of profit booking , weakening of rupee and other reasons. Let us agree to the fact that market can remain irrational for more than expected time. Trade based on your trading method and most important thing is you should know what you are doing and why you are doing??

IDFC

IDFC has breached channel resistance. Continuation of trend is likely to happen.

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	UP
Initiation Date	01-07-13
Initiated at	5898
High since change	6038

Thought for the day

You will never be happy if you continue to search for what happiness consists of. You will never live if you are looking for the meaning of life.

Technical updates on Bank Nifty

Bank Nifty weekly chart

Bank Nifty has managed to hold trend line support. As long as it holds this level medium term down trend cannot be expected. Stochastics in weekly chart is indicating a possible up trend. We have bought 11700 call option Rs.205. 

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.

Technical updates on Nifty and Kotak Bank

 

Nifty

From last one week Nifty has been forming gap up/gap down open because of which it has become difficult to predict trend of the market. However in today's trading session Nifty has breached resistance at 5900 which is a bullish sign. As long as Nifty is above 5820 trend will be positive. 

Kotak Bank

Kotak Bank has made sharp bounce back from support at Rs.682. Now it has reached a major resistance level. Break out from this level will lead to further upside.

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	UP
Initiation Date	01-07-13
Initiated at	5898
High since change	5948

Thought for the day

When we long for life without difficulties, remind us that oaks grow strong in contrary winds and diamonds are made under pressure.