Technical updates on Nifty and ITC

Nifty daily chart

Nifty has breached previous high at 5970. As long as Nifty is above 5970 trend will remain up. Tomorrow RBI is announcing monitory policy. Street is expecting a rate cut of 25 to 50 basis points. So market can be highly volatile stay cautious. 

ITC

ITC is indicating break out in weekly chart. But in order to initiate long we have to wait for weekly close. Weekly close above the trend line will lead to further rally.

Nifty medium term trend

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	6019
Reversal if closes below	5785

Technical update on Bharti and LT

Bharti weekly chart

Bharti can face resistance around Rs.330. Long position holders can book profit and re enter if it closes above this level.

LT

LT is facing resistance at Rs.1535. If it closes below Rs.1495 short can be initiated. Even though in today's session it traded below this level it made a bounce back. 

Nifty medium term trend

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	5962
Reversal if closes above	5680

Thought for the day

If you find yourself fortunate enough to be traveling down the right path in life, don't forget to take time to remember those that cut the path for you to follow

Technical updates on Hero Motoco and Axis Bank

Hero Motoco

Hero Motoco has reached an important resistance level in daily chart. As long as it is below this trend line further uptrend cannot be expected. Medium term down trend will start if it closes below Rs.1575.

Axis Bank

Daily chart of Axis Bank indicates a double top pattern. RSI is in over bought level. Traders can short Axis Bank if it closes below Rs.1455. 

Nifty medium term trend

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

Technical updates on Bank Nifty and ITC

Bank Nifty weekly chart

In weekly chart Bank Nifty has breached an important resistance level and it has sustained for two consecutive weeks. As long as it is above the trend line possibility of reaching previous peak is very high. 

ITC weekly chart

ITC has reached upper part of the channel. Candle stick formation shows that ITC is facing resistance around Rs.324. Breakout from this channel will take ITC to much higher levels.

 

 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

Authentic happiness isn’t something  we can go out and get, buy, beg, borrow or steal,  it’s  only something we can be, and it’s a choice we make with every breath we take.

To get real time updates in equity and commodity please like my page in facebook https://www.facebook.com/pages/Stock-Market-Trends/436322416450498