Nifty below 200 DMA !

Nifty

 

 

Nifty has closed below 200 DMA . Whenever an index , stock , commodity closes below 200 DMA major fall is likely to happen. Since Nifty has closed below 200 DMA there are two possibilities. One is it should hold 5750 which is 31.8% retracement in weekly chart or it should reach trend line support at 5640 which is also 78.6% retracement in weekly chart. I am expecting 5640 but if Nifty closes above 5880 trend will reverse.

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	5760

Bank Nifty below 200 DMA

Bank Nifty

Bank Nifty has closed below 200 DMA at 11850 for the first time since April. Now it is likely to reach a target of 11450 in short term.

Nifty medium term trend

Trend	DOWN
Initiation Date	23-05-13
Initiated at	5967
Low since change	5780

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.

 

Thought for the day

Just because you have problems, it doesn't mean you should not have Dreams. Instead, let your dream become the scheme to solve your problems .

 

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