Axis bank

Axis Bank has broken down from a descending triangle and an important trend line at 1179 so now the stock could fall down to 980 - 905 - 790.

SBIN

SBIN has broken down from head and shoulder pattern (but on low volumes) ...... it could target 1820-1590.The stock has very strong support around 2030 levels.

Tata Power

Tata power has broken down from the down ward moving channel it was trading  for last two years........so the stock could now fall to 900 -840 levels.

Update : IT Index

IT Index reached both the targets given in this post .

Polaris

Polaris has been trading in a range of 213-140 for last one and a half year and it is now trading at the lower end of this range and if the the range is broken with volumes then the stock could fall all the way down to 70 levels.

Update : Infy

Infy reached its first target as given in this post .
(Note : I was not updating the blog as there was some problem with my blogger account)

Nifty

Nifty is doing nothing but making a range between 5610-5730.

FMCG Index

FMCG Index is at all time high.

Nifty

Nifty is heading towards wall of resistance at 5600.

ACC

For last 7-8 months ACC has been oscillating between 922-1130.

TCS

TCS is at very strong support now.

IT Index

Today IT index broke down from a bearish head and shoulder pattern and could go down to 5260 and 5050, so IT stocks should be avoided for the time being..........also IT biggie infosys today closed below a strong support of 2800.

SBIN

SBIN has broken down from a flag and pole pattern with good volumes so it could now fall upto Rs1900.

Metal Index

Metal Index was trading in a triangle for last one and a half year but now it has broken down from the triangle,so metals stocks are a avoid now.

Nifty : Bearish Flag?

Nifty has formed bearish Flag on daily chart........if nifty breaks down below 5450 with good volumes then it could test February lows.

Nifty Weekly Chart

This week Nifty took support at the upward moving trend line ,which for coming week stands at 5466.

Update : Descending Triangle In Nifty

Both the targets for descending triangle given in the last post reached today.

Nifty : Descending Triangle

Nifty broke down from an descending triangle with good volumes..........now it could target 5485 and 5450.

Nifty

Nifty is below 200 DMA and at the lower end of range in which it has been trading since april .

Nifty Weekly Chart

This downward moving trend line is really turning out to be a tough nut to crack for nifty.

Infosys

Infosys has made a head and shoulder pattern.........if the neckline is broken with volumes the stock could target 2470-2330 .

Polaris

One can short Polaris for a target of 184-185......stop loss above 198.
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Update 19/04/11
Stop loss hit

Nifty Weekly Chart

The Upper trend line is resisting nifty for last three weeks.

Nifty

Nifty is getting resisted by downward slopping trend line again and again ............lets see whether we are able to move above it convincingly this time or not.

Nifty Weekly Chart

This is follow up chart of last week...........and we could see that nifty has clearly broken out of downward moving channel............so now we could see nifty scaling previous highs in coming months.

Nifty Weekly Chart

In Nifty weekly chart above, one could clearly see that nifty has been trading in a downward moving channel...and last week it closed right at upper trend line of the channel.......so lets see whether nifty is able to move out of this channel or once again start its downward journey.

Nifty

Nifty broke out from downward moving channel but has strong resistance at 5575 level and if it manages to close above this level it could target 5650.
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Update EOD 25/03/11

Target reached as nifty made a high of 5667.

Happy Holi

Reliance

Reliance has been trading in a range for almost two years ............and it is not showing any weakness in such turbulent environment............and today it managed to close above 200 dma also..........so Reliance is definitely a stock worth keeping an eye on .

Tsunami In World Markets

 

Cipla

Cipla has closed below 300 level on weekly basis ...........now the stock could fall another 30-40 rs.

Nifty

For 04/03/11 Nifty has resistance at 5560 and then at 5640 and support at 5475.

Nifty : In channel

Nifty is trading in an upward moving channel and could face resistance at upper trend line which for tomorrow stands at 5640.

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 Update on Orchid Chemicals
Even though the pattern still hold , but looking at market momentum on upside its dangerous to trade against market direction.

Orchid Chemicals

There is an head and shoulder pattern in orchid chemicals and is trading below its neckline so it can target  235-215 .
(Facing problem in uploading charts)

Update : INDUSIND BANK

INDUSIND Bank made a high of 238 and reversed to hit the stop loss.

Update : Petronet

Petronet target given in this post reached today.

Update : SBIN

State Bank of India made a high of  2814.75 and reversed back to hit the stop loss.

Update : Reliance

Target for Reliance given in this post reached today.

INDUSIND BANK

One can buy indusind bank for target of 251 with a stop loss of couple of closing below 227.

Cipla

Cipla is at important level , breakdown from this level could take the stock another 30-40 rs down.

Reliance

One can buy Reliance above 950 for a target of 1000.

SBIN

One can buy state bank of india (SBIN) above 2735 for target of 2980 with stop loss of 2690 on closing basis.

Petronet

Petronet chart show a breakdown from rising wedge...........so now the stock could target 105.

Nifty

There is a strong possibility of nifty seeing a bounce back tomorrow or getting into consolidation which could last for a few days.

Update : Descending Triangle In Nifty

Nifty target given in this post reached today.

Update : M&M

M&M target given in this post reached today.

Update : Cipla

Cipla reached target given in this post .

Nifty

Nifty at important support.

Update : ITC

ITC target reached given in this post .

Nifty : Forming a Range ??

Nifty is trading in a range for last 4 sessions,will it continue to trade in the same range or breakout is yet to be seen.

Tata Steel

Tata Steel has formed head and shoulder pattern on daily charts, so couple of closings below 625 could take the stock another 100 points on the downside.

ITC : Breakdown

ITC broke down from the range its was trading for last four months, now it could target 152.

Nifty Monthly Chart

Nifty formed a bearish engulfing pattern on monthly charts, indicating further decline in coming months.

Look at Small Cap Sector

Small Cap sector has broken down below the neckline of  head and shoulder pattern formed,  it could now target 6730, so one should avoid buying small cap stocks.

M&M : Double Top

M&M formed double top at 800 and is trading below 722 so now it could target 650.

Cipla : Bearish Flag

Cipla made a bearish flag which could take the stock to 318.

Reliance : Ready For a Breakdown??

With primary trend being down, many stocks which were trading in a range have started to break down......Reliance the big daddy of Indian stock market is also trading at lower end of its range in which it is stuck for more than one and a half year.Today it broke an important support of 957.........so it would be interesting to see if reliance is able to hold 917 levels............. because once it breaks that level we could see 750-700  in reliance.

Update : HUL

HUL reached its first target of 270 given in last post.

Hindustan Unilever Ltd : Short Candidate

Hindustan Unilever was trading in a range since last 4 month, after poor earnings the stock broke down and it could now target 270-262. One could keep a stop loss of  above 290 on closing basis.

Nifty :breakout??

Today morning nifty gave a breakout from trading range in which it was stuck for last six trading sessions, so now if breakout sustains nifty could see 5860.
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EOD Update

Breakout failed as nifty again entered the trading range.