Technical updates on Nifty

Nifty

Nifty has made a sharp bounce back from support at 5130 and now it has breached trend line resistance . If it manages to closes above 5590 then possibility of rallying another 100-200 points will be there. 

Nifty medium term trend

Trend	Down
Initiation Date	30-07-13
Initiated at	5755
Low since change	5118

 

Thought for the day

“Drop the idea of becoming someone, because you are already a masterpiece. You cannot be improved. You have only to come to it, to know it, to realize it.” ~ Osho

Axis Bank

Axis Bank weekly chart

Axis Bank has bounced back from support at Rs.785 . Medium term uptrend will start if closes above Rs.900 .

Nifty medium term trend

Trend	Down
Initiation Date	30-07-13
Initiated at	5755
Low since change	5118

Thought for the day

Ever tried ? Ever failed ? No matter. Try Again. Fail again. Fail better !!

Technical updates on Nifty and INR

Nifty weekly chart

Nifty is trading below trennd line support . If it closes below this trend line on wweekly basis then further fall is expected . Target is 5000-4800.

INR Weekly chart

There is a breakout in Rupee chart which is bad news for economy . Short term targets are 70-73 . 

Nifty medium term trend

Trend	Down
Initiation Date	30-07-13
Initiated at	5755
Low since change	5118

Thought for the day

The majority of people permit relatives, friends, and the public at large to so influence them that they cannot live their own lives, because they fear criticism.

Technical update on Sun Pharma

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.

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.