Technicals:Bank Nifty,M&M and ONGC

By | August 22, 2011

Bank Nifty

Bank Nifty has corrected almost 800 as soon as it broke the Level of 10017 which we discussed in Previous post and Today made the low of 9224.

Bank Nifty is Highly Oversold on Charts and Relief rally should is offing if Bank Nifty closes above 9527 Levels. WE should always respect trend and Larger trend is Down till the High of 9587 is not crossed.

Buy above 9466 TGt 9527,9564 and 9604

Sell below 9224 TGt 9143,9006

Break of 9006 will lead to Quick Fall till 8800 in matter of day.

 

M&M

M&M has been consolidating near its 200 DMA @715 and formed a trading range between 700-734 .

On Higher End the upper end trendline is also a Big resistance for the stock

Sell below 711 TGt  700,687 and 675

Buy above 724 Tgt 736 and 750

If it Closes below 700 Hold Positional Shorts.

 

ONGC

ONGC has out performed Nifty and Its Oil and Gas peers during the recent fall in Index.ONGC has been trading in the range of 268-290 levels giving Rangebound moves.

200 DMA @292 which if crossed will take ONGC above this range and move towards its high of 320.

Looking at Resistance of 290 and 200 DMA@292 it is good Shorting casidate

Sell @290 Sl 291.8 Tgt 286,283 and 277

 

Levels mentioned are SPOT levels

STAY DISCIPLINED !!

 

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