SBI OUTLOOK

The daily charts showed 3 different bearish pattern at 2535 & 2552 levels from where the stock gave in the gains.

It should maintain its average of 2258 levels. By average I mean is the closing prices should be near it.

Resis 2364 / 2388
Supp - 2258 / 2246 / 2217 / 2164


The weekly charts Moving Avg divergence has to be seen.. the stock after some pullback may break recent lows too....
A recommendation has come from some source to buy it for medium term with a trgt of 3250. I think if it manages anytime to move above 2418 convincingly, the stock may resume the further uptrend, maybe for targets 2689 / 2863...


Thank you

View on Infosys

Well infosys performance depends on its results, its guidance. In turn, Nifty also reacts to this IT major's news.

One of my relative asked me how does it look. Well an investor's charm i would say. Traders charm if traded in good lots. 

On 11th Jan, after its better than expected Guidance of its financial results, the stocks was 13 % up in one day. Well you must be thinking y am i telling the newd, whereas I see only charts. The point is there was big jump on one day. I knew its results were announce but dint know how they were. So to check whether a single day was not any trading error or so. 

Now coming to charts, it gave a good breakout will good volumes on basis of positive Moving Averages.

I think the stock if breaks 2770 / 2765 then the stock can go uptill 2649 levels, otherwise its still in a trend upwards. Weekly charts have still not indicated of tiring trend, but daily charts are showing such signs. But overall, it can make a new high too.

Resis  2811 / 2950 / 2959

Supp - 2770 / 2758 / 2715 / 2674

nifty

With reference to my mail on market on 19th Jan 2013, the nifty was on a sizzling plate and it fizzled out after touching 6100 plus levels and closing near the 1st resistance level.

Well, now the daily charts are showing some sideways or a small pullback till 5997 levels.

Resis - 5997 / 5988 / 5963
Supp - 5916 / 5858 / 5840

The weekly charts should be concentrated now for a fortnightly or a convinced direction for the markets.


Thank You