Technical Levels: Bank Nifty,Reliance,TCS and HDFC

By | October 18, 2011

The market does not care how you feel. It will not prop up your ego or console you when you are down.

Therefore, trading is not for everyone. If you are unwilling to face the truth about the markets and the truth about your own limitations, fears and failures, you will not succeed.

 

Bank Nifty

Bank Nifty has been trading in a channel after the breakout above 9363 levels,Channel low comes at 9666 Break of the same will lead the follow through selling in BN

Today market will open Gap Down around 9603.

Sell below 9600 Tgt 9547,9500 and 9420

Reliance

RIL corrected yesterday back of its results not meeting market expectation. Stock took support at its trendline (Marked in RED).

Falling below 831-828 will invite more selling in the Stock.

Sell below 820 Tgt 808,790 and 778

 

TCS

TCS has been unable to beat the market estimates in term of results expectation hence will welcome selling. Stocks  should open gap down near 1080-90 levels  after that we will see the follow through selling.

Before the results Stock has seen a Rally of rs 200 in anticipation of good results and when not meet we will see a correction.

Sell below 1078 Tgt 1062,1050 and 1034.

HDFC

HDFC Ltd one of the strongest stock in Nifty has formed resistance at upper trend line with the formation of lower low.

Volumes were good on yesterday when stock corrected from trendline resistance

HDFC also came out with its results which looks quiet good but overall sentiments is down we will see a fall.If recovery comes in later half we can buy HDFC bank

 

Sell below 664 Tgt 658 and652

 

Buy above 678 TGt 685 and 692

 

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