Nifty

Weekly chart of Nifty

In the last post it was written that Nifty will touch upper part of the channel and it has happened . 

What next ??

Nifty may face some resistance at current levels . If Nifty closes below 8700 then short , short , short for a target of 8600-8550-8500 and much below . Remember size of trade should be according to size of capital .

Nifty

In one of the previous posts it was mentioned that Nifty is likely to make a new high (http://karthik4bullsnbears.blogspot.in/2014/12/bounce-back-nifty-has-formed-hammer.html) and it did come true in todays trading session . Nifty is likely to continue the rally and it will reach upper part of the channel (marked in red color in chart ) which could be around 9000 . God bless all . 

ACC

ACC has breached trend line resistance and there are greater possibility that it will reach 1700 in medium term (6-12 months) . So watch out .

KPIT

KPIT Weekly chart

KPIT was trading between 145 - 190 for a  long period of time . But after breakout it has continued the uptrend . However now it is likely to face resistance around Rs.225 . Those who are holding KPIT should exit partially .

Bounce back ??

Nifty has formed 'hammer' candle stick formation in weekly chart . It has also taken support at 20 WMA . Nifty is likely to bounce back from current level . If it closes above 8300 then there are greater chances that it will reach 8400-8450-8500 and above . So Once it closes above 8300 buy next month 8400 call option . Finally as per the chart formation Nifty can create new high in coming days .

 

Nifty weekly chart

After reaching the resistance zone Nifty has made  a sharp decline . This decline is expected to continue till 8100. So continue to hold put options / short positions with trailing sl .

LT Weekly chart

LT has closed below 20 WMA which is a bearish sign . It is likely to fall another  25-50 rs .