Technical updates on Nifty and KPIT

Nifty weekly chart

 Nifty is trading within a narrow range from few months . Now it is likely to reach lower part of the band which is 5980 . If it breaks this level on weekly basis then it can fall by 100-200 points.

Nifty monthly chart

 

 

Nifty is forming higher highs and higher lows in monthly chart which is a bullish sign. Now it is trading at the important resistance level . If it breaks this level (which may not happen till election) then it will certainly reach 7000.

KPIT

 

 

 

Monthly chart of KPIT proves the point that price movements are not random but they follow a pattern . KPIT tested resistance at 189 and now corrected . Investors should consider exit atleast partially and re enter if it breaks Rs.200.

Nifty medium term trend

Trend	Down
Initiation Date	11-11-13
Initiated at	6078
Low Since Change	5973

Nifty medium term down trend

Nifty medium term trend

Trend	Down
Initiation Date	11-11-13
Initiated at	6078
Low Since Change	6018

Nifty might reach 5900.

Downtrend continues

Nifty 

After closing below support at 6220 . Nifty has continued to fall further . Expected targets are 6050-6000 .

Nifty medium term trend

Trend	Up
Initiation Date	09-10-13
Initiated at	6007
High Since Change	6348

Technical updates on Bank Nifty

Bank Nifty daily chart

Bank Nifty has formed raising wedge formation in daily chart . It has support around 10900 . If it breach this level then further fall is likely . Chart is posted in FB page .

Nifty medium term trend

Trend	Up
Initiation Date	09-10-13
Initiated at	6007
High Since Change	6348