Sunday, 10 March 2013

Chart Update: Bajaj Auto, HDFC Bank & Icici Bank

Bajaj-Auto: 


Bajaj Auto is at upper end of downward trending channel(RED). Trend line resistance comes at 2030 and 2055. 2055 will be very hard nut to crack as it is home to 50 days moving average & 5 week high EMA. Also 5 month high EMA is currently art 2059. The scope for up move is very limited till 2055 is not conquered by bulls. 

61.8% retracement level for current swing from 2118 -1905 is at 2036(Risky short). I will go short @ this level with 2056 as stop loss. Reverse position above 2056. Conservative players can wait till close below 2009 to take short.

HDFC Bank:





Hdfc Bank has breached year long support line. 50 days moving average is at 659 and 100 days moving average is at 660. Trend line resistance is at 665 considering all this numbers it can be concluded 659-665 will be stiff resistance zone.  One can consider going short on the counter with 666 as stop loss considering risk reward ratio is very good. (Bank nifty is very close to the resistance area) a close above 670 on 11th march will bring back share in up-trending channel and add more strength. 

ICICI Bank: 


1145 is 50 days moving average, 5 week high ema and trendline resistance above which resistance comes at 1160 ... watch out this level, share will gather strength above this level. First sign of weakness will be close below 1100.
 

DISCLAIMER:

All the views and contents mentioned in this blog are merely for educational purposes and are not recommendations or tips offered to any person(s) with respect to the purchase or sale of the stocks / futures. I do not accept any liability/loss accruing from the use of any content from this blog. All readers of this blog must rely on their own discretion and neither any analyst nor any publisher shall be responsible for the outcome.



2 comments:

  1. Thanks for sharing, So kind of you!
    Have a great week ahead.

    ReplyDelete
    Replies
    1. You are most welcome :)

      Happy trading

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