Technical Analysis:Bank Nifty,BF Utility and SAIL

By | May 11, 2012

Systems don’t need to be changed. The trick is for a trader to develop a system with which he is compatible.

I don’t think traders can follow rules for very long unless they reflect their own trading style. Eventually, a breaking point is reached and the trader has to quit or change, or find a new set of rules he can follow. This seems to be part of the process of evolution and growth of a trader.

Bank Nifty

Bank Nifty closed below 200 DMA for 3 day in a row,Break of 9340 also break the downward slopping channel.

Sell below 9320 Tgt 9268,9200 and 9106

SAIL

Breaking out of its trading range. Multiple Support at 91 were breached and closed at 8.65

Sell below 89 Tgt 88.1,86.6 and 85

Buy above 90.4 Tgt 91.6,92.9 and 94.2

 

BF Utility

Pennant Formation with Convergence of Trendline indicating Big move is coming.

Sell below 387 Tgt 383.3,377 and 372

Buy above 394 Tgt 398,403 and 409

 

 

 

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