Technical Analysis of Indian Equities by Nooresh

Technical Charts of Nifty,Hdfc Bank, Reliance, Hdfc, Infosys, ITC, ICICI bank , TCS

Nifty for the last 1-2 months has been in a tight range.

Its almost like 10700 + –200 points.

A lot of large cap stocks also are in a tight range.

Some see a probable Head and Shoulders when we break 10000 Nifty and some see a move to new highs but Nifty is sitting right in the middle. Also the broader markets continue to be sluggish.

Let us look at the top 7 stocks by weight. This is almost 48% of the Nifty and maybe a breakout or breakdown in them can give a signal of developing trend in the Nifty. As at least a few of them need to make a trending move.

Nifty Range Bound

Nifty Range

  • Has been around 10700 + –200 points for most of the days apart from a little ticks up and down.
  • Does it go back 11800 or 10000?

HDFC Bank

HDFC Bank Range

  • HDFC Bank 2150-2200 resistance and support at 2030-2050.

Reliance Inds

Reliance Inds Range

  • 1050 on downside and 1150-1180 on upside.

HDFC Limited

HDFC Limited Range

  • 2000-2050 a resistance and 1870-1900 a support.

Infosys

Infosys range

  • A much broader range of 610-620 and 680-700.

ITC Limited

ITC Range

  • 270-290 range for quite some time now.

ICICI Bank

ICICI Bank

  • 340-375 a tight range. Also near all time highs. Will it breakout or False move ?

TCS Limited

TCS range

  • 1800-2000 range.

Conclusion – For now its a Good or Bad Market but a Sad Market but for how long ?

Technical Analysis Training Session Mumbai – February 2nd-3rd . Will soon confirm it.

If interested mail nooreshtech@analyseindia.com

( The session for January 5-6th cancelled)

Article by Nooresh Merani

Nooresh has written 2731 articles.

You can follow Nooresh Tech on Facebook and Twitter here.


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