Technical Analysis of Indian Equities by Nooresh

Bank Nifty, ICICI Bank and Axis Bank – Nearing long term trendline support.

Bank Nifty - Trendline and Supports

 

Bank Nifty Technical View

 

-> Although it has broken the major momentum channel but now it is nearing a 5 year important trendline in the band of 10500-10250.

-> Such important supports are not broken with ease and even if it has to we may see a strong bounce or a major reversal.

-> A bottom up buying opportunity with risk-reward in favor comes at 10400-10500. Stoploss at 10250.

 

icici bank- channel support

 

ICICI BANK Technical View

 

-> Over the last 5-7 years the major support and resistance was at 1000 odd levels which has been broken.

-> Now the stock is testing the major support line from 2008 levels at 900-920.

-> A risk-reward trade could be entered at those levels. Getting into naked call options could be a good strategy when it dips to that zone.

 

Axis Bank - Major support 

 

Axis Bank Technical View

-> After facing major tops at previous highs the stock has collapsed and broken recent lows.

-> In the short term one can expect a bounce from 1080-1100 zone which is again a 5 year support line.

 

 

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Nooresh Merani

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Article by Nooresh Merani

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