Techical Levels:Bank Nifty,MnM and Jubliant Foods

By | October 10, 2011

Good trading is not about being right, it’s about trading right. If you want to be successful, you need to think of the long run and ignore the outcomes of individual trades.

Ruin is the risk you should be concerned with the most.It can come like a thief in the night and steal everything if you’re not watching carefully.

 

 

Jubilant Foods

Jubliant was on its dream run from 527 taking support at its 200 DMA and doubled with making at high of 1021 and after that it had a water fall decline earsing almost 40% in matter of 7 trading session. Its always dangerous to capture a falling knife.

200 DMA was support for stock and now 200 DMA will become resistance.

Buy above 718 Tgt 731,749 and 776

Sell below 700 tgt 683,657 and 633

 

Mahindra and Mahindra

MnM  has been facing resistance at its laxman Rekha at 827 and unable to break it for 2 times, Making the case of Double top.

Stock has been on its dream run and making new life highs but around 826 supply is coming and unable to break the same while on lower end 770 odd levels are good support.

Buy above 805 Tgt 811,817 and 826

Sell below 791 Tgt 783 and 776

Bank Nifty

Bank Nifty made the low of 8626 and bounced back in line with Nifty. Bank Nifty has broken its August low of 8917 but Nifty is still to break 4720.

Bank Nifty has been under severe pressure after Moody’s downgraded SBI.

For today the rising trendline from 8917 will act as resistance @9200 levels

Buy above 9042 Tgt 9120,9192 and 9267 

Sell below 8970 Tgt 8893,8818 and 8770

 

 

 

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