Reliance getting Bearish

Its now head and shoulder in Reliance. Target of 900 can be projected considering the height of the formation.

Nifty honoring the resistance at 5950 level

As identified earlier nifty is having resistance at the 6000 level.

The longer term trend have now became bullish but at the current level we might have small correction up to 5700 level.

SBI and L&T might not join the party

Looking at the sell offs in these counter at the higher level we can say that they will not join the bull rally for this month.

Both these stocks in past 10 days went up but final sell off have made new low on the accumulation/distribution indicator. This clearly gives the indication that the bears wore the bulls skin for the last week.

Flag in Sterlite Technologies

There is a clear rise with gr8 volume in this counter. After one big move there is a consolidation in small range. With the gradual decrease in the volume while it has consolidated it becomes good candidate of flag formation on chart.

Target of about 4 can be given and the Stop loss of 56 can be given.