Technical Analysis:SBI,GAIL and Tata Steel

By | September 14, 2011

The market expects you to accept losses.  If you want to play in the market you better be prepared to play by the market’s rules.  Accept the losses, make them small based on proper risk parameters

Today’s rally in NIFTY was born out of pessimism.  Every one was bearish in market and waiting for 4910 to break and yesterday 5000 CE 11 Lakhs contract were added and market rallied to cut or scare the Writers.

Market always moves in direction which give maximum pain to traders.

State bank of India

SBI has been weak stock in today’s rally , Nifty rose 80 points on back of IT Socks but banks were lagging the Index and SBI on the front. SBI is main contributors to Bank Nifty. Inflation came at Higher rate which will see RBI increasing interest rate 25 BPS.

SBI has been supporting the trendline and Break below which will lead to more downside,If low is not broken SBI can rally to upper end of trendline.

Buy above 1829Tgt 1854,1874 and 1899

Sell below 1808 Tgt 1784,1760

GAIL

Gail has been respecting the trend lines on Both upside and downside trading between the range of 418-405 .

It has taken resistance at Upper end of trendline today and closed below it.Best Stratergy to Short at Resistance and Buy at Support.

Sell around 419-430  Tgt 413,407 and 403

Buy around 403 Tgt 407 and 413

 

TATA Steel

TATA Steel has seen a fall from 605 to 418 levels in matter of almost 20 trading session. Looking at Daily charts TATA Steel is taking support at 454 levels from the rising trendline while resistance is at 20 SMA@473 levels.

Move above 473 can take the Stock till 486 levels.

Buy above 474 Tgt 478,486,490

Sell below 454 Tgt 450,446 and 438

 

4 thoughts on “Technical Analysis:SBI,GAIL and Tata Steel

  1. Bramesh Post author

    For the Fresh down move 407 should be broken on closing basis Next support comes at 387 level

    Rgds

  2. Kapil

    Hi Bramesh Sir,

    Tata Steel went down very badly today. What level do you think will come as a major support for the stock?

  3. Bramesh Post author

    These levels are based on my charts and my trading system which i folllow

  4. gulshan

    Hi. bramhesh i have following ur site , i wanted to know hw do u give calls like buy above for and sell below for. I am studying technicals so breakouts have certain targets but in case there is a chart which has no pattern how do u give these targets. Waiting for ur reply.Thanks in advance.

    Gulshan

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