Nifty – Trendline Resistance !!! Will it be able to cross this time ? Above 5720-5740 a breakout.

 

- > The last time around the trendline Nifty kept struggling at 5900-5950 giving hopes of a breakout but ended up in a quick fall.

- >Yet again the rally has been quick but it will find resistance at 5720-5740.

- > A crossover above 5720-5740 can lead to a quick move to 5900 also.

- > Although the ideal way would be to stock specific and wait for a dip to 5600 or sustained move above 5720-5740 to look for a quick trade.

- > Bottomline the upmove has been fast and a confirmation move will kill all the bearishness. Wishful Thinking ? But as of now the screen shows no bearishness.

->Any dip below 5570-5550 will be first signals of weakness till then the trend remains extremely positive even if we are ready to believe it or not 🙂

-> Even the Bank Nifty is close to a breakout.

- > Expect the action to shift into midcaps/smallcaps.

 

Some technical charts to watchout for :

 

Hexaware – Headed to 80 in short term.

 

IPCA --- Can give a quick move above 350

 

TECHNICAL ANALYSIS TRAINING SESSION – DELHI July 9-10

( 3-4 seats left )

For more details call Kazim 09821237002 , Asif 09833666151

Regards,

Nooresh

nooreshtech@analyseindia.com ( If somebody needs to talk to me regarding our services please mail