Technical updates on SBI and TCS

SBI weekly chart

SBI has support at 1600 and now it is trading at 1554 . If it closes below 1600 on weekly basis further fall is likely to happen . 

TCS weekly chart

TCS was trading within a ascending formation and before few weeks this channel was breached . Now  TCS is trading below support level . If it closes below this level on weekly basis further fall will happen . 

Medium term trend of Nifty still remains down . Reversal will be indicated in later stages .

Technical updates on Nifty

Nifty weekly chart

Nifty has multiple support at 5400 . So even though it made a low of 5360 it managed to bounce back . Support and resistance levels are fragile in nature . But they shuold be used for partial profit booking. At 5400 we cannot say that Nifty has bottomed out as there are greater possibilities of further fall.

USDINR

INR has been depreciating from many weeks . You can see in the above chart that it has formed a ascending channel . Expected target is around 65 !

Nifty medium term trend

Trend	Down
Initiation Date	30-07-13
Initiated at	5755
Low since change	5360

 

Thought for the day

Curious that we spend more time congratulating people who have succeeded than encouraging people who have not.

Technical updates on Nifty and commodities

Nifty daily chart

Nifty is sliding along with rupee . However it has a support at 5480 . Once Nifty closes below this level it will reach 5300. So wait for closing below this level . Even if Nifty falls by 100 points on Monday short can be considered.

Crude Oil

Crude Oil has closed marginally above trend line resistance . If closes above resistance for one more trading session then uptrend will continue. 

Lead

Lead is approaching trend line resistance at Rs.144 . Book profit around this level and re enter once it closes above this level .

Zinc

Zinc has closed above trend line resistance . Tomorrow We are planning to consider long in Zinc .

Nifty medium term trend

Trend	Down
Initiation Date	30-07-13
Initiated at	5755
Low since change	5486

Thought for the day

Study nature, love nature, stay close to nature. It will never fail you.

Breakout !!

Nifty

Nifty has breached trend line resistance and closed around 5700 . Short term targets are 5750-5850. 

Nifty medium term trend

Trend	Down
Initiation Date	30-07-13
Initiated at	5755
Low since change	5486

Technical updates on Nifty

Nifty daily chart

 

 

 

 

This is a self explanatory chart . The trend line which was acting as support is acting as resistance . If Nifty closes above this trend line resistance then uptrend will continue till 5750. Otherwise Nifty will once again reach 5500 . Lets see .

 

Nifty medium term trend

 

Trend	Down
Initiation Date	30-07-13
Initiated at	5755
Low since change	5486

 

 

Thought for the day

 

 

Optimism is the faith that leads to achievement.Nothing can be done without hope and confidence.