Technical Analysis of Indian Equities by Nooresh

Nifty 50 Chart Setups –ITC, HDFC Limited, SBI

Our previous post on Nifty 50 chart setups - 

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.

ITC Nifty


  • 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 2010

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

Syndicate Bank – Multiple resistance at 40-42.

Canara Bank p

Canara Bank – Multiple resistance at 290-295


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Article by Nooresh Merani

Nooresh has written 2728 articles.

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