Bank Nifty is again at crucial juncture of after todays low of 10023. Bank Nifty has a pscyological support at 10000 levels 10017 to be precise. This Feb low has held during recent carnage and broke just one day during the huge hap down and Bank Nifty quicky recovered above this level.
BN is in stock downward trending market with the formation of lower lows. If 10017 gets taken out we will first revisit the swing low of 9920 and break of this which is eventual will lead us back to 9310 odd levels in August expiry only.
Sell below 10017 Tgt 9976,9920 and 9839
Buy above 10136 TGt 10217,10315 and 10423
HERO MOTOCORP LIMITED
Hero MotorCorp is facing trendline resistance at 1918 as shown in above chart. RSI is in buy mode,Volumes should be on higher end when we are above to break this resistance zone. Today’s volume was 39 Lakhs shares so if tomorrow stock moves above with a volume of 4 lakhs in first hour of trade stock will sustain above the trendline.
Buy above 1919 Tgt 1935,1951
Mahindra and Mahindra
M&M i covered in my analysis few days bac giving a Buy call with a tgt of 740 odd and it got achieved today. Now lets trade the stock with a short bias reason being technically stock looks ripe for a pullback till its 200 DMA as its unable to cross its upper trending line.
Sell below 728 Tgt 718 and 708 Sl 735