Technical updates on Bank Nifty and Lead

Bank Nifty

As expected yesterday Bank Nifty has continued down trend and reached another support level 12100. Traders who are holding short should book profit and wait for clear direction.

Lead

As per our trend indicator Lead has started downtrend. We have initiated short at Rs.123.70 and  expecting a target of Rs.116.50-113.50.

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	5857

Thought for the day

 

No man needs sympathy because he has to work, because he has a burden to carry. Far and away the best prize that life offers is the chance to work hard at work worth doing .

Technical updates on Nifty , Bank Nifty and SBI

 

Nifty

Nifty has marginally closed below support level. Monday's trading session is very important because if  Nifty closes in red then it gives a confirmation of continuation of downtrend.

Bank Nifty

Bank Nifty has closed below crucial support at 12300. But there is another important support at 12100. If Bank Nifty closes below 12100 then there will be free fall.

SBI

SBI had major support at Rs.2050. It has closed below this support on weekly basis which is a bearish sign. Long should not be considered at this point of time.

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	5871

Thought for the day

 

Happiness is your very nature and it is in the Present Moment; it is the direction in which Life tends to flow - Sri Sri Ravi Shankar

 

 

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