L&T Breakout target 1950~2000

As quoted earlier 1750 was acting as the resistance in L&T. Now that L&T has broken above the 1750 mark. It is now a bullish signal in this counter and its first target is 1950~2000.

Considering the double bottom at 1480 level this is the trend changing move in L&T.

Nifty broken mid term uptrend

As discussed earlier I had made some assumption that the long term uptrend is intact till the long term trend lines are intact. Now we can see that there is a break of this trend line and it has happened with some decent volume. So the assumption have been violated. Surprisingly enough NIFTY have still stayed over 5200 mark.

In broad term we must have broken various stop loss if not we must watch for the same as that is the only way to protect the capital. One of the main reasons for this breakdown is Reliance and SBI these counters have seen new lows and have dragged NIFTY and SENSEX into the new bearish zone.

DLF support 210

DLF can be bought with stop loss of 204 as we can see that there is good support for it at this level.

SBI Target achieved

As posted earlier SBI was project to reach 2200 and it have achieved the target.

1750 a resistance for L&T

As pointed out earlier L&T have taken support at 1450 level and now it is at the crucial level of 1750 where there is resistance.

Once closes above 1750 we can see the 1900 level here.