Technical Analysis:Bank Nifty,HUL and Reliance

By | November 28, 2011 7:55 am

You can succeed in trading only if you handle it as a serious intellectual pursuit.

Emotional trading is lethal. To help ensure success, practice defensive money management.

A good trader watches his capital as carefully as a professional scuba diver watches his air supply.

Bank Nifty

Bank Nifty has been trying to close above its lower trendline as shown in above chart.From past 3 days BN has closed above the lower trending line which implies downside momentum has slowed down considerably and some buying can be seen on lower levels.

Buy above 8559 TGt 8667,8776 and 8872

Sell below 8469 Tgt 8360,8271 and 8181



HUL has made the life time high 404 and than started corrective down move till 374.

374 is 61.8% retracement of the whole upmove from 403-373 and it should provide the support and bounce back from short term.

Buy above 378 Tgt 382,384 and 387

Sell below 373 Tgt 371 and 366


RIL is taking support at lower rising trendline holding it RIL can see a decent bounce back but breaking below the trendnline @751 stock will likely to break its 52 week low of 712 in short term.

Buy above 759 Tgt 766,771 and 778

Sell below 751 Tgt 746,738,725 and 712

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