Technical Analysis of Indian Equities by Nooresh

Nifty and Bank Nifty Technical View :

BankNifty

 

Bank Nifty:

After giving a good breakout at 11100 Bank Nifty gave a good clean move till 11900.

Currently it seems a nice bullish flag. Also there is a previous top around 11912.

The range for now is nice 200-250 points. Any move sustaining above 11870 or below 11580 can give a 200 point move.

 

trendlineNifty

 

Nifty Technical View:
In the previous posts – (Click here for previous post ) had shown the trendline resistance on Sensex and Nifty suggesting overbought zones.

Nifty got resisted around the trendline.

On candlestick patterns we have seen a reversal signal further confirmatory move below 5810-5800 could open up to 5750-5650 support zones.

Its time that index takes a breather and consolidates as the upmove has been sharp. Till it doesnot cross 5920 we may continue to see selling pressure on every intra rise.

Index traders may review a long bet around 5650-5700 if it comes.

 

TECHNICAL ANALYSIS TRAINING SESSION PUNE APRIL 23-24.

 

Regards,

Nooresh

 

for any queries mail only on nooreshtech@analyseindia.com

Article by Nooresh Merani

Nooresh has written 2569 articles.

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{ 4 comments… add one }
  • fhuli April 11, 2011, 14:33

    sir,where do u see the markets by the month end?

    Reply
    • nooresh April 12, 2011, 20:24

      Hi

      Nifty 5650-5950 for me seems a range for quite some time now. Time to be stock specific.

      Reply
  • bhanu April 12, 2011, 07:59

    hello Nooresh,

    Ccan you guide me on Rico Auto, got stuck, it showed some movmentum today.
    Same case with Hinduja Ventures I am sitting on huge loses.

    Appreciate your direction

    Reply
    • nooresh April 12, 2011, 20:24

      Hi,

      Would expect some bounces once the market stabilizes in both of them.
      Keep stoplosses and review your stocks.

      Reply

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