Technical updates on Nifty and Bank Nifty

Nifty daily chart

Nifty has bounced back from multiple support level around 5600. It is supported by 200 DMA as well as descending trend line. There are greater possibility that it will move towards 5850. Closing below 200 DMA will be the stop loss.

Bank Nifty daily chart

200 DMA of Bank Nifty is around 11390. If Bank Nifty closes above this level more upside is possible. Expected target once it closes above 11390 will be 11900.

Traders should note that RSI of both Nifty and Bank Nifty is indicating bullish divergence. Possibility of pull back is very high.

Nifty medium term trend

Trend	DOWN
Initiation Date	26-02-13
Initiated at	5761
Low since change	5612
Reversal if closes below	5895

Thought for the day

This I have seen in life—those who are overcautious about themselves fall into dangers at every step; those who are afraid of losing honor and respect, get only disgrace; and those who are always afraid of loss, always lose - Swami Vivekananda

Updates on Nifty and SBI

Nifty daily chart

Nifty has continued to take support at 200 DMA. Nifty has to close below 200 DMA for continuation of down trend. 

SBI weekly chart

We had initiated bearish hedging strategy in SBI when it was trading around Rs.2140. Now it has reached multiple support level. So  profit was booked around Rs.2050 which is a rally of 90 points.

Nifty medium term trend

Trend	DOWN
Initiation Date	26-02-13
Initiated at	5761
Low since change	5612
Reversal if closes below	5895

Thought for the day

“Face the brutes.” That is a lesson for all life—face the terrible, face it boldly. Like the monkeys, the hardships of life fall back when we cease to flee before them.- Swami Vivekananda

Updates on Nifty

Nifty daily chart

Nifty has exactly closed at 200 dma. Next few trading sessions will be crucial as we need to see whether it acts as a support or this support will be breached. If it breaches 200 dma then major fall is expected.

Nifty medium term trend

Trend	DOWN
Initiation Date	26-02-13
Initiated at	5761
Low since change	5648
Reversal if closes below	5895

Thought for the day

You are what your deep, driving desire is  As your desire is, so is your will As your will is, so is your deed As your deed is, so is your destiny.

Updates on Nifty , Bank Nifty and Infy

Nifty

Nifty has closed marginally below previous low which was around 5670. So far Nifty was forming higher top and higher bottom. Now it has started to make lower top lower bottom which indicates down trend. As per fibonacci retracements next target could be 5570-5450.

Bank Nifty

Bank Nifty has breached trend line support . A major fall is expected and target could be 10900-10500. 

Infy

As per trend indicator in daily chart Infy is in short term down trend. It has support at 2830. Once it breaks this support it can fall to 2735.

Nifty medium term trend

Trend	DOWN
Initiation Date	26-02-13
Initiated at	5761
Low since change	5648
Reversal if closes below	5895

Thought for the day

Zindgi to apne damm par hi jiyi jati hey..dusro k kandhe par tohh shirf janaje uthaye jate hey -  

 Bhagath Singh

Updates on Nifty , HDFC Bank and Bharti

Nifty

 

Nifty has continued to show weakness. Today it has closed below previous bottom 5690. 200 DMA is around 5600. Nifty is likely to touch this level in short term.

Bharti Airtel

Bharti has support at Rs.382. It has bounced back from this level and likely to continue uptrend.

HDFC Bank

HDFC Bank is trading in a downward sloping channel. It has almost reached the support level. If anyone has short book profit and re enter after breakout.

Nifty medium term trend

Trend	DOWN
Initiation Date	29-11-12
Initiated at	5761
Low since change	5648
Reversal if closes below	5895

Thought for the day

 

Advice given to fools, makes them angry and not calm them down. Just like feeding a snake with milk, increases its venom.

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