Bank Nifty:
After giving a good breakout at 11100 Bank Nifty gave a good clean move till 11900.
Currently it seems a nice bullish flag. Also there is a previous top around 11912.
The range for now is nice 200-250 points. Any move sustaining above 11870 or below 11580 can give a 200 point move.
Nifty Technical View:
In the previous posts – (Click here for previous post ) had shown the trendline resistance on Sensex and Nifty suggesting overbought zones.
Nifty got resisted around the trendline.
On candlestick patterns we have seen a reversal signal further confirmatory move below 5810-5800 could open up to 5750-5650 support zones.
Its time that index takes a breather and consolidates as the upmove has been sharp. Till it doesnot cross 5920 we may continue to see selling pressure on every intra rise.
Index traders may review a long bet around 5650-5700 if it comes.
TECHNICAL ANALYSIS TRAINING SESSION PUNE APRIL 23-24.
Regards,
Nooresh
for any queries mail only on nooreshtech@analyseindia.com
April 11, 2011
sir,where do u see the markets by the month end?
April 12, 2011
Hi
Nifty 5650-5950 for me seems a range for quite some time now. Time to be stock specific.
April 12, 2011
hello Nooresh,
Ccan you guide me on Rico Auto, got stuck, it showed some movmentum today.
Same case with Hinduja Ventures I am sitting on huge loses.
Appreciate your direction
April 12, 2011
Hi,
Would expect some bounces once the market stabilizes in both of them.
Keep stoplosses and review your stocks.