Sun Pharma
Sun Pharma is forming lower top lower bottom formation in daily chart . It has bounced back from support at Rs.475 and likely to reach Rs.535.
Monday, 26 August 2013
Thursday, 22 August 2013
Technical updates on Nifty
Nifty daily chart
In yesterday's post I had mentioned about continuation of down trend and market has proved me wrong. Today Nifty has trapped the bears and once again closed above the support . Short term trend reversal will happen if Nifty closes above 5435.
Nifty weekly chart
Nifty has formed 'hammer' candle stick pattern in weekly chart . 5400 is acting as strong support level for Nifty . Since tomorrow is the last trading day of this week market movement will be crucial to estimate possible direction .
Nifty medium term trend
| Trend | Down |
| Initiation Date | 30-07-13 |
| Initiated at | 5755 |
| Low since change | 5268 |
Thought for the day
Religion gives you nothing new ; it only takes off obstacles and lets you see your self.
Wednesday, 21 August 2013
Breakdown !?
Nifty daily chart
In today's trading session Nifty has breached a long term trend line support . Now technically speaking there should be a major fall of 300-400 points . This is not the time to buy as there are greater possibilities of further fall .
Nifty medium term trend
| Trend | Down |
| Initiation Date | 30-07-13 |
| Initiated at | 5755 |
| Low since change | 5268 |
Thought for the day
The remedy for weakness is not brooding over it , but thinking of strength . Teach men of the strength that is already within them.
Tuesday, 20 August 2013
Technical updates on SBI and TCS
SBI weekly chart
SBI has support at 1600 and now it is trading at 1554 . If it closes below 1600 on weekly basis further fall is likely to happen .
TCS weekly chart
TCS was trading within a ascending formation and before few weeks this channel was breached . Now TCS is trading below support level . If it closes below this level on weekly basis further fall will happen .
Medium term trend of Nifty still remains down . Reversal will be indicated in later stages .
Monday, 19 August 2013
Technical updates on Nifty
Nifty weekly chart
Nifty has multiple support at 5400 . So even though it made a low of 5360 it managed to bounce back . Support and resistance levels are fragile in nature . But they shuold be used for partial profit booking. At 5400 we cannot say that Nifty has bottomed out as there are greater possibilities of further fall.
USDINR
INR has been depreciating from many weeks . You can see in the above chart that it has formed a ascending channel . Expected target is around 65 !
Nifty medium term trend
| Trend | Down |
| Initiation Date | 30-07-13 |
| Initiated at | 5755 |
| Low since change | 5360 |
Thought for the day
Curious that we spend more time congratulating people who have succeeded than encouraging people who have not.
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