Technical view on Bank Nifty and JB Chemicals

By | January 3, 2011

JB CHEMICALS

Stock forming double top @148 levels and a rising trendline which is simliar to ascending triangle formation.

Break of 148 is necessary for higher tgts of 151 and 155

MACD is overbought zone

Sell below 141 tgt137 and 134

BANK NIFTY

Bank Nifty broke the trendline resistance and is now heading for acid test near 100 DMA @11915 and 50 DMA @ 12079

Both these levels needs to be crossed on closing basis for any furthur upmove in bank nifty.

MACD is giving a buy on daily charts,closing above 100 and 50 dma is mandatory for furthur upmove.

Buy above 11915 tgt 11950 12010 and 12079

Sell Below 11855 tgt 11818,11779

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