Technical updates on SBI and ICICI Bank

SBI

Refer to previous update about SBI http://karthik4bullsnbears.blogspot.in/2013/01/market-updates-for-31012013-sbi-weekly.html and compare with actual performance.

Now SBI is trading at important support at Rs. 2275. If you are holding short then this is the time to book profit and wait for break out or sustainable bounce back.

ICICI Bank

ICICI has breached an important trend line support at Rs.1135. Likely to fall further.

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

We can't, and we should not, compare sufferings. We come together as a family of God, hand in hand. And then together coming and standing upon the promises of God, knowing that no matter who you are, no matter what you're going through, that God knows it, He is with you, He is going to pull you through - Nick Vijucic

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.