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Breakout in Nifty and Tata Motors

 

Nifty daily chart

 

 

Nifty is breaking every resistance and today it has confirmed another breakout. Now as long as Nifty is above the trend line it is likely to continue uptrend. Possible targets are 5970-6100. 

Tata Motors

Tata Motors had major resistance at Rs.285. In the above mentioned chart you can see that Rs.285 has acted as support as well as resistance many times in the past. Expected target is Rs.310.

We have initiated long in both Nifty as well as Tata Motors.

Nifty medium term trend

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	5924
Reversal if closes above	5680

Thought for the day

"In India , we want karmayoga , yoga of work. We have to live in the present. We cannot afford to live in one part of the world shutting our doors and windows to the other parts. When India attains freedom then Indians have to fight their existence against modern enemies equipped with modern weapons. They have to survive in the modern days , in the field of modern economics and politics. The age of bullock cart is gone. For India would have to be self sufficient in modern arms and weapons and always have to be ready with to defend herself until such a time as whole world decides to lay down arms and ammunition" - Subhash Chandra Bose

Technical updates on SBI

SBI daily chart

SBI has reached an important resistance level at Rs.2350. In daily chart SBI has formed bearish engulfing pattern which is a bearish sign however it needs to close below Rs.2265 for confirmation of short term down trend.

Nifty medium term trend

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	5845
Reversal if closes above	5575

Technical updates on Nifty and Tata Motors

Nifty

In today's trading session Nifty has reached expected target 5830. Since it has reached major resistance level we have booked profit in Nifty fut. If Nifty closes above the trend line then we will consider long position.

Tata Motors

Tata Motors has breached trend line resistance. But in today's trading session unfortunately it didn't gain much momentum. We have initiated long in Tata Motors. Lets see!!

Nifty medium term trend

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	5845
Reversal if closes above	5575

Technical updates on Nifty and Bank Nifty

Nifty daily chart

 

 

 Nifty has continued its uptrend since it has breached 200 DMA. It is likely to reach 5830 in next few trading sessions. 5830 should be the profit booking level. Traders can re enter long if Nifty closes above 5830.

Nifty weekly chart

In the last week Nifty has almost rallied 300 points and  it  reached 50% retracement. Since it has rallied 300 points it might consolidate for a while . But we cannot say that rally is over since RSI is not overbought. If 5830 is breached Nifty might reach 5870-5990 in medium term.

Bank Nifty weekly chart

Bank Nifty has made a rally of whopping 1000 points from the low. It has marginally closed above trend line resistance . Medium term trend reversal will happen of it closes below 11955.

Nifty medium term trend

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	5783
Reversal if closes above	5575

Thought for the day

 

God is merciful to those whom he sees struggling heart and soul for realization. But remain idle without any struggle and you see that his struggle will never come. - Swami Vivekananda