Our previous post on Nifty 50 chart setups - http://www.nooreshtech.co.in/2019/03/nifty-calculator-march-2019-and-trade-setups-in-nifty50-top-weights-infosys-icici-bankhdfchdfc-bank-tcs-reliance.html
HDFC Bank , Reliance and ICICI Bank have broken out and are on their way. HDFC Limited did pull up to 2000 on expected lines.
Now we see 3 more larger weights shaping up well for a breakout.
- After a lot of bottoming out with multiple bottoms at the lower end of the trendline the stock is shaping up for a breakout above 300-302.
- Can be a pre-emptive buy with a stoploss of 285 or buy on sustaining 302-304.
HDFC Limited -
- 4-5 attempts at the resistance of 2000-2010.
- Sustaining above that zone could imply a move to 2200-2250 very similar to the move in HDFC Bank
- Lot of resistance around 305-310.
- Sustaining above that can give a breakout move to 350.
- A lot of PSU banks are close to a breakout apart from SBIN as well.
PNB – Short term breakout done – Major resistance at 100-105.
Syndicate Bank – Multiple resistance at 40-42.
Canara Bank – Multiple resistance at 290-295
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