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 .