Technical View on:Nifty,SBI and HUL

27 JUNE 2011

Nifty Hourly

Nifty kept on its momentum build on Friday and rose another 1 % today.

On Hourly chart Resistances are @ 5565 and Mother of All Resistance 5610.

Indicators should only be used for trade confirmation .

As you can see in Hourly charts all indicators are in overbought zone and it does not imply that we need to take SHORT Trades.

Do not jump in trades based on your emotions,Enter when market gives an opportunity and wait for good Risk to Reward Ratio.

Market will not go anywhere so wait for Mr. Market to give you opportunity to make money.

Nifty Daily

On Daily Chart made an interesting observation,The last time market rose was on 01-April-10 189 points after Budget day and next day also continue its run. Same as happened Last Friday Nifty rising 150 points and continues its uptrend today also and closing off from days High.

Tomorrow if this trend continues market should close in RED.(Please do not take this as a Trading call its just an observation.)

Levels to Watch tommorow

Buy above 5526 Tgt 5552,5578 and 5610

Sell below 5405 Tgt 5383,5356 and 5330

Levels mentioned are SPOT Levels

Its an Expiry Week so keep booking profits as market will be volatile.

SBIN

SBI which has been moved almost 7% in 2 days is approaching a crucial resistance zone of 2358-2364.

SBI should close above this level for its upmove to continue.

Buy above 2329 Tgt 2349,2364

If 2364 is not broken stock can continue its downtrend again.Above 2364 stock can continue its bounce till2400

HUL

HUL is facing resistance @327 which has been a supply zone for past many many months. Risk to Reward is in favor of BEARS

Short @ 324 Tgt 320,317 and 314 SL 327

Buy @329 Tgt 332,338 and 341