Technical View:: Nifty, Yes bank, Tata Steel, Bharti Airtel & HDFC
Click on charts to enlarge.
Nifty:
Nifty recently did give a negative breakout below 4700 levels but again managed to recover back. Technically as of now faces strong resistance near 4800-4830 levels. if manages to cross it, can head upto 4950. if unable to cross 4830 on closing basis, selling pressure may resume again.
Yes Bank:
Yes bank has strong resistance at 255-260 levels. One can look to go short on another 5-7rs bounce with strict sl at 262. Its likely it faces selling pressure near 260 levels and head back lower to 240
Tata Steel:
Tata steel has been in a downtrend since long. This time around has managed to bounce back from good support levels and its possible it crosses its resistance at 365. above 365 it can head upto 380 levels in coming days
Bharti Airtel:
Bharti Airtel after being strong in last couple of months has recently given a negative breakout and has turned weak. Now it faces strong resistance at 360-365 levels. if unable to cross it on the upside, its likely to see selling pressure and could head back lower to 345 levels.
HDFC:
HDFC has not really done much in last 4-5 months. It has been moving in a small range of 620-680 levels. It could breakout on either sides.. Above 685, one can go long for a target of 710. On the downside if breaks support at 620, it can head lower to 590 levels.
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damodhar Says:
January 4th, 2012
Posted at: 9:00 am
THANKS
vs Says:
January 4th, 2012
Posted at: 10:18 am
thanks. can u give technical advice on LT, wipro and axis bank also?
CB Says:
January 4th, 2012
Posted at: 10:19 am
Hi damodhar, most welcome
CB Says:
January 4th, 2012
Posted at: 10:20 am
Hi vs, wipro can head upto 435. LT can test 1120 if markets remain positive.. axis bank looks weaker, could see selling pressure again on rise near 870
vs Says:
January 4th, 2012
Posted at: 10:27 am
txs cb for ur comments.
koushik chanda Says:
January 4th, 2012
Posted at: 12:18 pm
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