Technical updates on ICICI Bank , HDFC Bank and Tata Motors

ICICI Bank

ICICI Bank has sustained the breakout but compared to SBI or Axis Bank it didn't gain much momentum. We have bullish position in ICICI Bank.

HDFC Bank

HDFC Bank is trading within a sloping channel. The importance of this channel is very high as it indicates primary trend of the stock. Now HDFC Bank has once again reached resistance level. Long position can be considered if it breaks this resistance.

Tata Motors

Similar to HDFC Bank , Tata Motors also has reached resistance level at Rs. 282. Breakout from this level can take Tata Motors to Rs.310.

Nifty medium term trend

Trend	DOWN
Initiation Date	26-02-13
Initiated at	5761
Low since change	5569
Reversal if closes above	5780

 

Thought for the day

The mind is nothing but subtle part of the body. You must retain great strength in mind and words - Vivekananda

Technical updates on Bank Nifty and ICICI Bank

Bank Nifty

Bank Nifty has formed triangle formation in daily chart. In today's trading session it has closed exactly at resistance level. If it breaks trend line resistance then we can expect uptrend. However low risk entry is to buy if it closes above 200 DMA.

ICICI Bank

ICICI Bank has breached trend line resistance. MACD , RSI are indicating buy and so traders can create long position.

Range of the market is as of now narrow. Either uptrend or downtrend is not sustaining for long time. Since medium term trend of market is down long position holders should come out little bit early so that you won't end fall in to traps.

Nifty medium term trend

Trend	DOWN
Initiation Date	26-02-13
Initiated at	5761
Low since change	5569
Reversal if closes above	5780

Thought for the day

Every action that helps up to manifest our divine nature more and more is good. Anything that retards that is evil. - Swami Vivekananda

Technical update on Nifty

Nifty daily chart

Nifty has made a sharp bounce back from channel support level. But now it will face resistance at trend line (marked in red , 200 DMA which is around 5660 and then upper part of channel which is also at 5660. So over all Nifty will be in a narrow range and keep surprising traders with sudden pull back or fall. Stay cautious.

Nifty medium term trend

Trend	DOWN
Initiation Date	26-02-13
Initiated at	5761
Low since change	5569
Reversal if closes above	5780

Thought for the day

The mind has to be made malleable like clay. Just as clay sticks wherever you throw it, so the mind must be made to dwell upon whatever object you concentrate it. - Swami Vivekananda

Technical update on LT

 

LT daily chart

LT has formed a triangle formation in daily chart. Breakout from this pattern is required for continuation of down trend. Till then positional trader who use break out strategy should wait and watch.

Nifty medium term trend

Trend	DOWN
Initiation Date	26-02-13
Initiated at	5761
Low since change	5534
Reversal if closes above	5780

 

Thought for the day

Stand up be bold , be strong , take the whole responsibility on your shoulder and know that you are the creater of your destiny . All the strength you want is within yourself. Therefore make your own future - Swami Vivekananda

Technical updates on Bharti and Bank Nifty

Bharti weekly chart

Bharti has breached two important supports on weekly basis. It has breached trend line support (market in red) and it has also breached support at Rs.283. Now it is likely to test previous low.

Bank Nifty

Bank Nifty is facing stiff resistance around 11600. As long as it is below this level we cannot expect sustainable rally. We have continued to hold short in Bank Nifty.

Commodity update

Among base metals Zinc has started uptrend. Stop loss is closing below Rs.101.

Nifty medium term trend

Trend	DOWN
Initiation Date	26-02-13
Initiated at	5761
Low since change	5534
Reversal if closes above	5780

Thought for the day

Who makes us ignorant? We ourselves. We put our hands over our eyes and weep that it is dark.- Swami Vivekananda