Techical Levels:Bank Nifty,RIL and ICICI Bank

By | July 25, 2011

 

Bank Nifty

Tomorrow is RBI policy and Bank Nifty will be in limelight and volatile. So what can we Except, Market rallied today in anticipation of NO RATE HIKE , but as per RBI policy documents released today they still maintaing  HAWKISH stance.

I am firm Believer of Charts discounts everything and Looking at Bank Nifty which is again at the Breakout level.

Its Make or Break from Bank Nifty tommorow.

Bank Nifty will face resistance @ 11451 and break out above this level will  11636 levels..Failure to break 11451 will drag it back to 11200 levels.

Buy above 11452 Tgt 11500,11552 and 11671

Sell below 11352 Tgt 11272,11233 and 11153

ICICI Bank

 

ICICI bank is approaching a crucial resistance 1089 from the falling trendline and needs to be watched closely. Fail to breakout this levels will drag it back to 1035 Levels.

Breakout above 1089 will make the way for 1120 levels.

Buy above 1084 Tgt 1089,1100 and 1114

Sell below 1055 Tgt 1048,1042 and 1035

Reliance Industries

RIL is in strong Bear hands and its proved by today’s upmove unable to close above 884 levels which is its breakout level.

Only a move above 892 can take RIL into 4 digits.

Results met market expectation but EBITA downfall is cause of concern.

Buy above 892 Tgt 897,902 and 910

Sell below 879 Tgt 871 and 863

 

Levels mentioned are SPOT levels and Stay Disciplined

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