Blood bath !!

Nifty 

Nifty , after reaching previous peak at 6100 , has lead to a major fall. In above chart you can see that it has closed around 5970 a level which has acted as resistance. 5970 is the last support for Nifty. If Nifty closes below this level then major fall can be expected. Trend indicators in daily chart have indicated down trend . Reversal of the down trend will be closing above 6100.

LT

LT had support at Rs.1535 and in today's trading session this support is breached. As per trend indicators medium term down trend has just started and trend is likely to remain down as long as it is below Rs.1565.

Bharti

Bharti was unable to break resistance at Rs.330. Now it is expected to reach Rs.280 in medium term.

Nifty medium term trend

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	6114
Reversal if closes below	5870

Thought for the day

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Technical updates on Nifty and Hero Motoco

Nifty weekly chart

Nifty has completed 100% retracement. It is likely to consolidate for a while in these levels. Considering long at this stage is very risky , so traders should wait for downtrend to start. If low risk and high profit potential opportunity is available it will be intimated.

Hero Motocop

Hero Motoco has breached trend line resistance and now it is consolidating. As long as it trades above the trend line trend will remain up.

Technical updates on Nifty and Axis Bank

Nifty

In today's trading session Nifty made a high of 6084. Since it is near previous peak that is 6100 we cannot consider long for positional trade. Major support is at 5970. So 5970 -6100 will be the trading range. Wait for breakout before initiating any position.

Axis Bank

Trend indicators in daily chart has confirmed down trend in Axis Bank. Trend will remain down as long as it is below Rs.1515. 

Nifty medium term trend

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	6084
Reversal if closes below	5785

Thought for the day

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Technical updates on Nifty and M&M

Nifty

Nifty had closed below 5970 before 3 trading sessions indicating a possibility of short term down trend. But now it is heading towards 6100 which is previous peak. Will 6100 will be the peak ?? Lets see !

M&M

M&M has formed a possible double top formation. As per trend indicators M&M will enter down trend if it closes below Rs.924.

Nifty medium term trend 

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	6083
Reversal if closes below	5785

Thought for the day

 

Success is a ladder you cannot climb with your hands in your pockets.

 

Technical update on Hero Motoco

Hero Motoco daily chart

Hero Motoco has breached trend line resistance at Rs.1675. Traders can initiate long. More details for subscribers. 

Nifty medium term trend

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	6043
Reversal if closes below	5785

Thought for the day

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