KOTAK Mahindra Bank the stairs of bull market

• Kotak Mahindra bank is moving up in a steady bull market fashion.
• Last week the stock broke 492 and closed above it.
• Now if the stock stays above 492 it will target 509.
• Closing below 492 will be negative for the stock

ACC Limited Weekend update

• ACC limited is finding resistance at 1020 levels.
• Unless the stock takes out 1020 area with good volumes good up moves cannot happen from here.
• If it comes back to 1020 level watch if the stock is able to cross this are if not one can go short with a small stop loss.

S&P 500 Weekend Update

• S&P 500 Weekly chart has given a spinning top. Spinning to at the top of the trend is a sign of indecision. The colour of the candle is opposite to the prevailing trend of the market. 
• Having said that SPX has very good support at 1130, So big down moves can be expected only if that level breaks. A breakout to the upside will be clear only when a daily candle closes above 1150. 
• Current week candle has closed above 61.8% Fibonacci level. So if price remains above this level during next week a rally towards the 78.6% can be expected. Break of 61.8% level may push the price towards 50% Fib level.

RELIANCE Industries Weekend update

• The bulls of reliance industries pushed the price up from below 20 and 50 DMA.
• Stock closed near the high of the day suggesting good positive momentum.
•  This should take the stock to levels like 1015 , 1030 and 1040.
• Around 1030 stock has to face its biggest hurdle the 200 DMA.

CRUDE Oil weekly chart analysis

WEEKLY LINE CHART

• Crude oil has broken out of the weekly triangle.
• As per the second chart which shows a channel this commodity will hit resistance at 83 that is the top of the channel. Further upsides are possible only if the channel breaks out.
• This post on crude oil is  a continuation of the last POST which was done yesterday.

S&P 500 in an Ascending Triangle

• S&P 500 hour line chart in an ascending triangle pattern.
• Price is trading near the supporting trend line of the ascending triangle. This line may give support for the index. If not its negative for the bulls an hourly close below this trend line will be good news for the bears and index may slip below 1140.

Nifty Futures Update after closing bell

• Nifty futures If continues to trade above 6150 will target 6243.
• The projection is based on the range from it broke out today morning.
• The closing was also towards the high of the day and the week so unless something wrong happens with the U.S markets today we should achieve 6243 next week.