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.
******************************************************************************
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.

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