Nifty has started short term down trend . Expected targets are 7800-7700. Reversal will be closing above 8100.

Nifty

Nifty has bounced back from past two trading sessions after a sharp decline . As long as Nifty is above 7900 medium term trend will remain up . Traders can buy call option for a target of 8100-8200 in short term . Stop loss will be daily close below 7900.

Gold

This is the weekly chart of Gold  where you can see that it is trading at important support level . Major support is at 25800 and if gold reaches then traders can consider long position .

Nifty

Nifty has breached resistance at 7800 and created new high . If it sustains above 7800 then there are greater chances that it will reach 8000 -8200 in medium term . Reversal will be closing below 7800 on weekly basis . 

LT

After breaching resistance at 1475 LT made a high of 1770 . Now as you can see in the above chart 1475 which was acting as resistance is acting as support . As long as LT stays above this level Trend will be up .

Nifty trading in a range

Nifty is likely to trade between 7800 to 7400 from some time . If it closes below 7400 then expected tgt is 7000 . On the other hand above 7800 it can reach 8200. Chances of downtrend is high as RSI is showing signs of divergence . 

Asian Paints

Asian paints is trading within a ascending channel from some time . Now it has reached resistance level . Medium term traders should book partial profit and wait for breakout .

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 .