Technical updates on Nifty and Kotak Bank

 

Nifty

From last one week Nifty has been forming gap up/gap down open because of which it has become difficult to predict trend of the market. However in today's trading session Nifty has breached resistance at 5900 which is a bullish sign. As long as Nifty is above 5820 trend will be positive. 

Kotak Bank

Kotak Bank has made sharp bounce back from support at Rs.682. Now it has reached a major resistance level. Break out from this level will lead to further upside.

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	UP
Initiation Date	01-07-13
Initiated at	5898
High since change	5948

Thought for the day

When we long for life without difficulties, remind us that oaks grow strong in contrary winds and diamonds are made under pressure.

Technical update on Bank Nifty

Bank Nifty

This is the weekly chart of Bank Nifty. You can see that it is trading at a major support level which is at 11300. If it closes above 11650 then short term uptrend will start. Suppose it closes below this trend line support on weekly basis then free fall is expected. Lets see!

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	UP
Initiation Date	01-07-13
Initiated at	5898
High since change	5898

 

Thought for the day

The difference between school and life? In school, you’re taught a lesson and then given a test. In life,  you’re given a test that teaches you a lesson.

Technical updates on Nifty and Rel Infra

Nifty

Nifty is stuck within a range of 130 points. It is facing resistance at 5900 and support at 5770. Breakout from this region will take Nifty to 6000 or 5700. . RSI is showing bearish divergence so there are possibility of sustainable down trend. We have continued to hold short.

REL Infra

REL Infra is facing resistance at Rs.370. Break out from this level will lead to continuation of uptrend.

Commodity update

Crude oil is currently trading at Rs.6254. If it closes below Rs.6260 then we will short Crude Oil.

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	UP
Initiation Date	01-07-13
Initiated at	5898
High since change	5898

 

Thought for the day

Events come and go, they perish like flowers. But every event and every person contains some honey. Like a bee, just take the honey out of every event and every moment and move on. Be like a busy bee and be in the being. - Sri Sri Ravishankar

Technical updates on ITC

ITC weekly chart

ITC has once again breached trend line resistance. But it need to close above this level on weekly basis. If it happens then long can be considered.

Nifty medium term trend

 

Trend	UP
Initiation Date	01-07-13
Initiated at	5898
High since change	5898

Thought for the day

It is well to give when asked but it is better to give unasked, through understanding.

Break down??

In yesterday's post I had written about continuation of uptrend but today's fall indicates that Nifty has started short term down trend. Trend will remain down as long it is below 5885.

One of the individual stock which has started short term down trend is LT. Today's closing price is Rs.1392. Trend will remain down as long as it is below Rs.1435.

Nifty medium term trend

Trend	UP
Initiation Date	01-07-13
Initiated at	5898
High since change	5898

 

Thought for the day

It’s not who you are that holds you back.It’s who you think you’re not.