Technical Calls:Bank Nifty,ICICI Bank and RIL

By | February 7, 2012

Winning disrupts the trader’s emotions as much as losing – We are disrupted when we experience events outside our expectation. The method that is 60% accurate will experience four consecutive winners about 13% of the time. Traders are just as susceptible to overconfidence during profitable runs as under confidence during strings of losers.

Bank Nifty

Bank Nifty has faced resistance at its trendline at 10331 as discussed yesterday.Failure to break the resistance line can lead to topping out formation. Shorts shall be taken with Sl of 10339

Buy above 10339 Tgt 10409,10486 and 10515

Sell below 10261 Tgt 10200,10158 and 10113

 

 

Reliance Industries

Reliance Industries Limited has shown a breakout above its trendline but unable to close above it. Lower rising trendline support exists at 824

Buy above 836 Tgt 840,845 and 849

Sell below 824 Tgt 821,816 and 810

 

ICICI Bank

ICICI bank closed above its 200 DMA with a DOji formation.Stock faced multiple resistance around 936 odd levels.

Support are rising daily coming around 919

Buy above 936 Tgt 945,954 and 970

Sell below 919 Tgt 910,901 and 893

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