Technical updates on Nifty and Bank Nifty

Nifty weekly chart

Nifty has closed below 5900 on Friday's trading session. It has closed at important support level. As per trend indicators in daily chart short term trend has turned negative  and it will remain down as long as Nifty is below 6000.

Bank Nifty weekly chart

Bank Nifty is under pressure and it is expected to test trend line support which is at 12100. Since it has closed below support at 12400 medium term trend has turned down and reversal will be closing above 12800.

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6111
Reversal if closes below	5800

Thought for the day

 

“The challenges in our lives are there to STRENGTHEN our CONVICTIONS. They are NOT there to run us over.”  - Nick Vijucic

Technical updates on JSW Steel and LT

JSW Steel Weekly chart

 

JSW steel had failed to continue its uptrend after breakout. Now it has once again fallen back into channel and based on daily chart trend indicator we have initiated short in JSW Steel Fut at Rs. 849.35.

LT Weekly chart

LT was consolidating between Rs.1530-1600 from past 3 weeks. Now it is trading below the support level. Likely to continue down trend. Note that we have one more trading day left so weekly closing below support is important.

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6111
Reversal if closes below	5800

Thought for the day

Arise! awake! stop not till you reach the goal - Swami Vivekananda

Technical updates on Ambuja Cement

Ambuja Cement was consolidating in a narrow range from past few weeks. Now it has breached an important trend line resistance around Rs.203. According to me the uptrend has just started. More details for subscribers.

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6111
Reversal if closes below	5800

Thought for the day

If the only tool you have is a hammer then you tend to see everything as a nail - Abraham Maslow

If Bank Nifty spot closes below 12400 it can reach 12200-12000. Stay cautious.

Market updates for 06/02/2013

Nifty daily chart

Nifty has tested support around 5940. Closing below 5940 will take Nifty to 5900 and may be much lower. Wait and watch.

Sun Pharma

Today Sun Pharma has reached an important resistance level which is around Rs.750. Long can be initiated if it closes above the trend line resistance.

Nifty medium term trend

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	6111
Reversal if closes below	5800

Thought for the day

Those who have conqured themselves live in peace , alike in cold or heat , pleasure or pain , praise or blame . To such people clod of dirt , a stone and gold are same. They will achieve great heights - Bhagavad Gita