Technicals on Bank Nifty and Jet Airways

By | May 25, 2011

Bank Nifty

Bank Nifty is trading at a very crucial junction and on verge of breakdown from Flag and Pole pattern.

Bank Nifty is trading end of lower end of and break of 10338 will lead to big downfall in Bank Nifty.

Market was consolidating yesterday and adjusting the oversold short term pattern.

Stochastic is still trading below 20,Hence Rallies should be used to exit longs and create fresh shorts.

Close above 10724 will nullify the bearish scenario we are talking about.

Selling is evident from the fact that bank Nifty is unable  to retrace 23.6% retracement from fall of 11991 to 10339.

Sell Below 10339 Tgt 10272,10169 and 10061

Jet Airways

Jet Airways has been trading in a wide range of 400 to 510 from past 3 months. Jet airways is forming lower highs and lower low pattern which is bearish in nature. Jet respects its trendline on both upper end and lower end.

Jet is on verge of breaking its lower trendline @443 and than will give a sell for short term

Sell below 443 Tgt 438,434 and 427

 

 

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