Nifty has given the first pause after hitting the 61.8% retracement zone of 10500-10550. Bank Nifty could not see follow up above 22000. The Broader markets have been resilient.
Nifty has moved in a nice higher top higher bottom formation from 7511. The bottoms being 8055/8806/9544 but a lot of Index names are in a very different trend. Some are in a sideways range, some dragging along, some in a box.
A lot of them are interestingly poised for a quick move.
Bharti Airtel – Getting boxed in a range. A 10% move on breaking out of the 540-585 range.
Bharti Infratel – 210-240 range. A good breakout if crosses 240. Can even head up to 300.
HDFC Bank – Dragging along.
HDFC Limited – 1850-1750 will decide next move.
ICICI Bank – Struggling at 380s.
Infosys – Dragging along. 690-740 range.
JSW Steel – Dragging along.
Reliance Inds – A buy on retest ?
SBI – A tough resistance at 200.
Sun Pharma – Kabhi haan Kabhi naah…. The Laggard and the Largest Pharma.
ONLINE TECHNICAL ANALYSIS COURSE – Video Course
Can buy the course from this link and go through the entire curriculum ( Course Content & Curriculum )
DISCLOSURE Nooresh Merani
Securities covered above: All mentioned in the above post
SEBI Registration disclosure – Investment Adviser ( INA000002991)
Nooresh Merani and his family/associates/ analysts would have exposure in the securities mentioned in the above report/article.
Nooresh Merani and his family/associates/ analysts do not have any financial interest/beneficial ownership of more than 1% in the company covered by Analyst.
Nooresh Merani and his family/associates/ analysts have not received any compensation from the company/third party covered in the above report/article ever.
Nooresh Merani and his family/associates/ analysts has not served as an officer, director or employee of company covered in the report/article and has not been engaged in market-making activity of the company covered in the report/article.
The views expressed are based solely on information available publicly and believed to be true. Investors are advised to independently evaluate the market conditions/risks involved before making any investment decision
Also read the detailed disclaimer – http://www.nooreshtech.co.in/disclaimer
Source: Technical Analysis of Indian Equities by Nooresh