Nifty hourly chart

Nifty has reached a major trend line resistance in hourly chart . Above this level Nifty can continue the rally .

Nifty medium term trend

 

Trend	UP
Initiation Date	05-09-13
Initiated at	5592
High Since Change	5592

Medium term trend has turned positive . We are expecting at least 200 points rally from today's close

Technical updates on Nifty and Ranbaxy

Nifty daily chart

There was a blood bath on street because of rupee depreciation and because of the rumor that US has launched missiles to attack Syria . So Nifty  has once again fallen into descending channel . There are possibilities that Nifty will reach previous low at 5110.

Ranbaxy Weekly chart

Ranbaxy has reached a major resistance level at Rs.423 . As long as it is below this level continuation of uptrend cannot be expected.

Nifty medium term trend

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

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.