Nifty and Few Banking Stocks

Nifty gave good pull-back as expected. Lets see what are chart saying further:

Last week hammer played it role on friday with good up-move on Nifty. We might see some consolidation so that broader market can absorb this up-move. 7150-7300 area will act as a strong support now.


Few Banking stocks are near their long term supports. Being defensives, these levels are looking very attractive:

Punjab National Bank:

PNB near long term support. It might see some recovery from these levels. Risk Reward is good.


Federal Bank :

Federal bank near long term channel support. Last time it did false breakdown. Lets see how it reacts now :).

SBI:

 SBI also near long term channel support. :)


SIB:

  Range getting retested again :).

PSU Banking Index:

PSU banking index smartly recovered and again came back in down-trend channel. If holds some recovery possible.


NOTE: Above Charts are shared only for learning purpose and are not related to any buy/sell tip.

Nifty and Few Interesting charts

Nifty:

Nifty gave a good rally on friday and managed to recover the weekly loss on single day. Lets see bigger picture on weekly charts:

   Long term trend still intact as nifty recovered just from the bottom of bigger trend-line with weekly doji candle. If Nifty is able to close above high of last week which is 7462 then a relief rally can continue at-least till higher end of smaller trend-line.

  Similar correction was seen in 2012 and that time the rally was with good volumes confirming a longer term rally. This time also if pullback comes that too with good volumes then that would be good for long term.

 Moreover , as far as the low is protected on weekly basis no need for panic.

Srei Infra:

  Srei Infra charts looks good as it has managed to remain above breakout even in correction. As fas this level is protected in closing basis it may see some buying interest. Keep on radar,

Trident:

Trident near important support levels.. keep a close watch.

NOTE: Above charts are shared only for learning pupose and are not meant for any BUY/SELL recommendation.

SBI nearing demand zone !!!!

SBI major underperformer and leader in this correction is near strong downtrend support zone. it would be good to watch-out near support.

NOTE: Above chart is only shared for learning purpose. This is not some BUY/SELL tip.


 

Review Year 2015

Happy New Year to all followers of blog. Its important to review your bias which we have taken after studying the charts. Lets Review the analysis by how stock prices behaved after we present out view on same:

Hope the coming year be a successful year like this for all blog followers :)