SBI monthly chart

SBI monthly chart

SBI has breached trend line resistance in monthly chart . However to initiate long position we need to wait for monthly close above the trend line . SBI can face resistance at 2530 level as it has formed multiple peaks at this level . Overall trend remains up .

Nifty Monthly Chart

Nifty has breached an ascending channel decisively . If it manages to close above this channel on monthly basis then next target will be 7800 . Investors should continue to hold their positions and speculators buy on dips . 

Technical updates on Nifty

Nifty weekly chart

Last week Nifty has breached another resistance . 6550 will act as strong support . As we all know earlier Nifty was trading within a range of 375 points ( 6345 to 5970) . After the breakout above 6345 technical target was (6345+375) 6720 . Nifty has already achieved this target and now there could be possibilities of consolidation.

Nifty

 

Nifty has closed above the resistance on weekly basis . This is not the time to short based on the assumption that it cannot go further . Long should be created and sl will be closing below 6300. 

Bharti

As expected Bharti has bounced back from support at 290 . Short term target is 330.

Technical updates on Nifty and PNB

Nifty

Nifty has once again reached resistance at 6330 . Unless this level is breached on weekly close basis we cannot expect further rally . 

PNB

PNB is forming lower high lower low in weekly chart . Now it has reached trend line resistance . Traders can consider short if it closes above trend line resistance then loss should be booked .