Technical updates on Nifty , BHEL and Nickel

 

Nifty

After closing below support at 5970 Nifty has reached a low of 5883. In the above chart you can see that Nifty has reached an important support and in today's trading session it couldn't break this level. Both short and medium term trend is down but Nifty will resume down trend once it closes below  this level.

BHEL

Similar to Nifty BHEL also has reached important support level. Breakout from this level is required to initiate trade.

Nickel

Nickel was trading within a channel from some time. Today it has managed to close above the channel. We have initiated long at Rs.870 cmp 876 and expecting 30-40Rs rally.

Disclaimer : Charts presented here are not for recommendation or to advice . They are for educational purpose. More details such as stop loss , target are shared with subscribers.

Nifty medium term trend

Trend	DOWN
Initiation Date	23-05-13
Initiated at	5967
Low since change	5883

 

Thought for the day

When I was young, I observed that nine out of ten things I did were failures. So I did ten times more work - George Bernard Shaw

Technical updates on Tata Motors

Tata Motors

Tata Motors had tested Rs.310 many times and it breached this resistance before few days. But in today's trading session it has closed below Rs.310 which is a bearish sign. There are possibilities of reaching Rs.285 in medium term.

Disclaimer : Charts presented here are not for recommendation or to advice . They are for educational purpose. More details such as stop loss , target are shared with subscribers.

 

Nifty medium term trend 

Trend	DOWN
Initiation Date	23-05-13
Initiated at	5967
Low since change	5910

 

Thought for the day

 

The hardest tumble a man can make is to fall over his own bluff. 

Technical updates on Nifty and Bank Nifty

 

Nifty

Regular viewers of this blog might remember that in earlier post I had mentioned about a formation called bearish Head and Shoulder (also known as inverse head and shoulders). In this formation 6110 was shoulder , 6230 was head and 5970 was neck line. Today this neck line is breached. I am expecting a fall of 100-200 points from current level.

Bank Nifty

Bank Nifty has a support around 12350. In today's trading session Bank Nifty has tested this level. If Bank Nifty closes below 12350 on weekly basis further fall is likely.

Nifty Medium term trend

Trend	DOWN
Initiation Date	23-05-13
Initiated at	5967
Low since change	5916

Thought for the day

If you want to change somebody, don’t preach to him. Set an example and shut up

Technical updates on Axis Bank and Tata Motors

Axis Bank

Axis Bank was trading between Rs.1445-1516 from past one month. In today's trading session it has breached this support. It is likely to fall further.

Tata Motors

Similar to Axis Bank , Tata Motors has indicated break out but on upside. Rs.310 was very strong resistance level for Tata Motors and today this resistance is breached. We have long position in Tata Motors.

Nifty medium term trend

Trend	DOWN
Initiation Date	23-05-13
Initiated at	5967
Low since change	5936

Disclaimer : Charts presented here are not for recommendation or to advice . They are for educational purpose. More details such as stop loss , target are shared with subscribers.

 

Technical update on Nifty

Nifty daily chart

Nifty has bounced back from 5970 which is an important support level. Now it has reached 6110 which is an important resistance level. If Nifty closes above this level then it can reach 6225. Otherwise it will come down to 5970. To summarize 5970-6110-6225 are the important levels to watch and market can remain in this range for some time. There is also a possibility that Nifty is forming a bearish head and shoulder pattern.

Nifty medium term trend

Trend	DOWN
Initiation Date	23-05-13
Initiated at	5967
Low since change	5936

Thought for the day

Look at a day when you are supremely satisfied at the end. It’s not a day when you lounge around doing nothing; it’s when you’ve had everything to do, and you’ve done it.