Apollo Tyres: Breaks Resistance

APOLLO TYRES Daily NSE Stock Chart Technical Analysis:


Apollo Tyres closed at 65.85, above its resistance.

Market Outlook:

• Breaking of the resistance is a bullish signal. There is an opportunity to buy with a quick intraday target of 70.

Technical Indicators:

• The breakout may find problem in sustaining considering the low qty of trading during the day.
• 70 is an important level to cross tomorrow.  
• The monthly chart (not shown here) tells us that closing above 70 will be a real bullish indicator.
• If December does not close above 70, I would be doubtful about a rise in Apollo's share price.

APOLLO TYRES Daily NSE Stock Chart Technical Analysis

Sterlite Techno: Bullish Breakout

STERLITE TECHNO Daily NSE Stock Chart Technical Analysis:


Sterlite Techno closed at 74, about 2.77% above its resistance which is @72.

• This is a bullish signal and can be traded with first target @ 79-81 and SL at 70. 
• If price breaks above 82, it is a very good signal  But falling below 72 is negative.
• For recent detailed analysis of Sterlite Techno, click here

STERLITE TECHNO Daily NSE Stock Chart Technical Analysis

DLF: Showing Recovery Signs

DLF Daily NSE Stock Chart Technical Analysis:


DLF is range-bound since last 2 weeks, but closed slightly above resistance today.  Today's close & CMP: 287

Market Outlook:

• The price could rise again on Friday, the resistance is at 297.
• In the coming week price could fall again.  But if it succeeds to remain above 286, then there is a good chance that it will soon break out from its resistance at 297 as well.
• But I wouldn't take any position in the stock tomorrow morning, no exact trade signal yet.

Technical Indicators:

• The price is currently near its 23.6% Fibonacci Retracement.
• A doji candlestick has formed today and the price closed near its opening.
• Its a good sign that the price recovered after falling below its support @286 today, and closed higher.
• Next week the price will face a downward momentum, that is when we should be able to decide where this stock is headed.
• There is a momentum rise in the weekly chart (not shown here), depicting that this stock could be on its way up in January.
• DLF has suffered a lot from the LIC Housing scam.  If any negative news appears about DLF's involvements during the investigation, it could seriously affect the price.  So that is the X-factor which could upset all expectations.  Otherwise, the stock is showing good recovery.

DLF Daily NSE Stock Chart Technical Analysis


(analyzed for DMurthy, Namakkal)

NIFTY: Breakout Today

NIFTY Daily Chart Technical Analysis:


NIFTY climbed up for the 3rd successive day today, and closed at 6102.

Market Outlook:

• NIFTY can be expected to continue an upward movement, though it could continue to move slowly.
• Falling below 6080 will be viewed as a bearish signal, and yes, there is a small chance of falling below the resistance tomorrow.

Technical Indicators:

• The index broke through a resistance level today and closed above it.
• The movement was upwards almost through the entire day.
• The only concern is the low volume, much lower than average.

All previous posts about NIFTY


NIFTY Daily Chart Technical Analysis

Sterlite Techno: Huffing and Puffing to rise past 72

STERLITE INDUSTRIES Daily NSE Stock Chart Technical Analysis


Sterlite Industries has remained range bound for the last 2 weeks and move between 69-72.
Today's Close & CMP: 71.6

Market Outlook:

• The price is facing stiff resistance at 72 where it is currently consolidating.
• Closing above 72 with higher trading volumes might suggest a hopeful correction.

Technical Indicators:

• The price peaked in June, since then it has been falling continuously. 
• The fall is in a cascading motion, with natural consolidation near each Fibonacci Retracement.  Currently the price is consolidating just below its 61.8% retracement level.
• There are 2 lines of support and resistance, which have created a price channel and are driving the stock price downards
• There might be a chance to make some short term money if the price closes above 72, then it could go to 82 before falling back.
• As of now, no signs that this will recover and go higher up.  Wouldn't recommend getting into the stock at the moment.

STERLITE INDUSTRIES Daily NSE Stock Chart Technical Analysis


(analyzed for Prashant, Rajkot)

TVS Motors: Rs 70 continues to be an important price level

TVS MOTORS Daily NSE Stock Chart Technical Analysis:


The TVS Motors stock price again closed below 70 today for the 4th consecutive day.
Close & CMP: 69.6

Market Outlook:

• The stock price is facing resistance at 70.  Closing the day above 70 makes it an opportunity to enter with a long position.
• The first target would be 77, where TVS faces another resistance.
• If it falls, the support is at 65.

Technical Indicators:

• The price opens above 70 but closes below it.  70 is an earlier support which is now acting as resistance.
• This total fall in price this month has been more than any other month in the past 2 years.
• Above 77, the stock will break through its long-term resistance and become lucrative.  Until then, only short term trades can be made.

All previous posts about TVS Motors

TVS MOTORS Daily NSE Stock Chart Technical Analysis


(analysed for Srinivasan, Mumbai)

BF Utilities: Beware of this sudden rise

BF UTILITIES Daily NSE Stock Chart Technical Analysis:

BF Utilities jumped up for the 2nd successive day and was heavily traded on the stock exchange

Open:  873      Intraday High:  988     Close / CMP: 906

Market Outlook:

• The price closed well above yesterday
• But I'm skeptical that this rally will last.
• Don't buy BF Utilities yet, don't rush, wait.
• The price still needs to break resistance to prove that it is indeed going upwards.

Technical Indicators:

• This jump in price has been due to announcement by the company to get new capital worth Rs. 5 billion via FDI.  
• A shooting star candlestick has formed today.  
• Though the stock was heavily traded, there was more selling than buying.
• There is long term resistance line passing through at 1010, and the price has still to break through that one.
• All indicators are pointing at the fact that there is a chance that this price jump might not sustain.  We'll wait and watch before making a move on BF Utilities.

All previous posts about BF Utilities

BF UTILITIES Daily NSE Stock Chart Technical Analysis

Lakshmi Energy and Foods: Stuck in a price range

LAKSHMI ENERGY & FOODS Daily NSE Stock Chart Technical Analysis:

The price closed at 70.55 and lost the rally it made in the initial part of the day.

Market Outlook:

• The price is facing stiff resistance at 73.  It is looking difficult that the price will break this level.  
• Go long (buy) on a close above 73.
• The price has support at 69.  
• 69-73 is a short range and so we should be able to see a breakout soon.

Technical Indicators:

• The price made a tombstone doji - type candlestick today.
• The intraday high of this candlestick tested the resistance and then just fell back powerless.
• The trading quantity of the stock has fallen back to below average.
• The price is trading in a small range of 69-73.
• No trading signal today, wait before taking a position on Lakshmi E&F.

LAKSHMI ENERGY & FOODS Daily NSE Stock Chart Technical Analysis

Shree Renuka Sugars: Headed Down

SHREE RENUKA SUGARS  Daily NSE Stock Chart Technical Analysis:

Shree Renuka Sugars was traded heavily today, and it fell slightly to close at 97.3.

Market Outlook:

• There price fell after touching its resistance line, it can be expected that the price will now fall.
• If it falls, there is an opportunity to go short on Renuka Sugars.  I'll try to update with tomorrow with chart and target.
• Watch out for tomorrow, if the price goes up instead, wait for the day to end above the resistance of 100.

Technical Indicators:

• A support line has turned hostile and is now acting as resistance line.
• The price made an intraday high and touched the resistance but then fell even below its opening price, making the resistance powerful.
• The stock price is well into the oversold levels.
• All of these are negative signs, indicating the stock could indeed be headed downwards for the time being.

SHREE RENUKA SUGARS  Daily NSE Stock Chart Technical Analysis

Sensex: Could fall again tomorrow

SENSEX (BSE) Daily Chart Analysis

Sensex closed above the 20,000 psychological level for the 5th consecutive day today. Close: 20028

Market Outlook:

• The current expectation of the market going towards a new high seems doubtful to me.
• There is a chance that the market might slip below resistance again.

Technical Indicators:

• A Shooting Star candlestick pattern has formed.
• There is a high possibility the index will fall below resistance tomorrow and close about 50 points below today.
• If this happens, it'll be a bearish signal.
• Alternately, if the index does not fall and rises instead, than it can be considered as a good sign as the resistance line is now truly acting like a support line and the index could move up.
• Either way, the market should be able to give a future directional indication tomorrow. 

SENSEX (BSE) Daily Chart Analysis

Tata Motors: Falling towards its support line

TATA MOTORS Daily NSE Stock Chart Technical Analysis

The price made a small movement today and closed at 1301 (very near to its opening price)

Market Outlook:

• The price could fall further, target is the support at 1265.
• Big fat chance that the price will rebound once it hits the support line at 1265 and rise again.

Technical Indicators:

• The price is falling currently after hitting the resistance at 1371.
• After an all-day fall yesterday, today a Doji candlestick formed; giving hope that the market is in a mood to honor its support level at 1265.
• Once the price hits 1265, there is a very good chance it'll bounce back and go upto 1376.  But this will only confirm once the price reaches support.

All previous posts about Tata Motors

TATA MOTORS Daily NSE Stock Chart Technical Analysis

ABB: Opportunity to go short

ABB Daily NSE Stock Chart Technical Analysis:

The price remained range-bound today and ABB closed at 804.

Market Outlook:

• This looks like a shorting opportunity with a targets of 775 and 760, and stop-loss near 820.

Technical Indicators:

• There is a Doji candlestick followed by a Spinning Top, and the price has just tested and failed to break through its resistance.  Moreover, today's candlestick is completely contained within yesterday's range.
• The trading volume has also dropped back significantly.
• All signs, that ABB has failed to climb above its resistance and is now falling again.

ABB Daily NSE Stock Chart Technical Analysis:

Tata Communications: Support Level Continues

TATA COMMUNICATIONS Daily NSE Stock Chart Technical Analysis:

The trading volume went back to its lower self today, while the price fell and closed at 247.

Market Outlook:

• The price is readying for a big move.  I talked about this looking like an accumulation phase on Friday, and today the same has continued.

Technical Indicators:

• There is a short term support line which is giving support to the stock price at the moment.
• Friday witnessed huge quantity in trading without a change in price.  That's suspicious behavior and the stock is surely readying for a big move.
• Most probably this is an accumulation phase, but it could even be getting ready for the next fall.  The answer should show itself soon.
• Tata Communications is in the midst of the 2G storm, btw, and the current price behavior is indicating that the management knows something which you and I are yet to find out, and should be finding out soon.  

TATA COMMUNICATIONS Daily NSE Stock Chart Technical Analysis

Tata Communications: Looks Like an Accumulation Phase

TATA COMMUNICATIONS Daily NSE Stock Price Technical Analysis:


The price remained range-bound today and closed without much difference.  Close & CMP: 250.65

Market Outlook:

• It seems like the worse is over for Tata Communications, which has been falling rapidly since mid-October.
• The seems to be increased interest in accumulating the share at its current price level.
• A rally seems to be in the offing, feel free to go long on price rise of this stock, with targets at 270 and 280.  But there is a chance this stock might cross 300 as well.

Technical Indicators:

• The price is consolidating sideways after a long fall.
• There has been very high interest in the share on Friday.
• Inspite of high trading, the stock value hasn't budged throughout the day, which is showing mixed signs of optimism and skepticism... in other words, an indecisive market with respect to Tata Communications.  
• The bulls seem to be finally wresting control from the bears, and the price could head upwards.

TATA COMMUNICATIONS Daily NSE Stock Price Technical Analysis

Atlas Cycle: Zooming, but will it zoom through resistance?

ATLAS CYCLES Daily NSE Stock Chart Technical Analysis:

Atlas Cycles witnessed a super single-day rise on Friday with humongous trading volume.  

Open:  216   Intraday High:  256  Close & CMP: 249

Market Outlook:

• No.1 Question in people's mind is - Whether one should get into this stock because the price is zooming upwards?
• The answer to this question lies in how it behaves on Monday and Tuesday.
• If the stock closes above 256, then it might make sense to take a long position.  
• So, wait until 256+ before buying

Technical Indicators:

• The trading volume saw a massive single day jump, so did the price.
• Inspite of this rise, the price has remained below resistance.  In fact, it started falling the moment it hit the resistance, and closing price was below the long-term resistance line.  This is showing that resistance is quite strong.
• So, I would wait for a day or two to see if the resistance at 256 is authoritatively breached.  Until then, wait n watch.

ATLAS CYCLES Daily NSE Stock Chart Technical Analysis

Ashok Leyland: Possibility of Rise

ASHOK LEYLAND Daily NSE Stock Chart Technical Analysis:

Ashok Leyland went gap down on Friday.  Close & CMP: 62.1

Market Outlook:

• There was a gap down opening and the stock closed lower as well.  But seems like there is a chance that the price will now start rising again, or atleast make a short term upward correction.
• If you have short position on this stock, ensure that you are ready for liquidation before your stop gets hit.
• Good chance to take a long position if the price indeed goes up.

Technical Indicators:

• The price went gap down on Friday with good quantity of trading.  
• The MACD shows that stock is deeply underbought.
• The gap down might denote exhaustion of the falling price and possibility of a rise.  However, this can only be confirmed in the next 2-3 trading sessions.

All Previous Posts About Ashok Leyland

ASHOK LEYLAND Daily NSE Stock Chart Technical Analysis

3i Infotech Hits The Double Top Barrier

3i INFOTECH Daily NSE Stock Chart Technical Analysis:


3i Infotech opened gap down and people showed little interest in trading it at the current price level.

Market Outlook:

• The price is trying to resist further fall.  But how much it succeeds, we can only find out next week.  For now, no trading signals on this one, wait for Monday trading scenario before getting into 3i.

Technical Indicators:

• The price has made a Double Top near 59.50, a level that co-incides with the 38.2% Fibonacci Retracement level.  This makes it a strong resistance point an indicator that the price may fall further.
• The stock is majorly over-sold at the current level and momentum is headed downward.
• The only saving grace is the Doji candlestick which has formed on Friday, this is showing that the market is resisting a further fall and might try to climb on Monday.  However, the chances of this happening do not look very hunky-dory.
• As for now don't get into 3i Infotech, wait for signals.

All Previous Blog Posts About 3i Infotech


3i INFOTECH Daily NSE Stock Chart Technical Analysis

Jubilant Foodworks: Headed Down?



JUBILANT FOODWORKS Daily NSE Stock Chart Technical Analysis:

The stock price again opened gap up today and higher than its open, but the close was below the mid-point of the intraday range.  Close & CMP:  590

Market Outlook:

• The stock price could fall, don't buy right now, wait.
• In fact, there might be a chance to take a short position with targets at 550 and 530, if the stock indeed falls tomorrow or on Friday.

Technical Indicators:

• The Deliberation candlestick formation has occured on the chart, a negative signal.
• The stock is majorly oversold, a negative signal.
• The price is facing resistance from the Fibonacci 23.6% Retracement level, a negative signal.

All previous charts and posts about Jubilant Foodworks

JUBILANT FOODWORKS Daily NSE Stock Chart Technical Analysis

Tata Motors: Resistance Too Strong

TATA MOTORS Daily NSE Stock Chart Technical Analysis:

Tata Motors made a weak rise today and remained bound in a very short range.

Market Outlook:

• The price faced very strong resistance at 1371 today and failed at the attempt to rise above it.
• There is a good chance that the price will start falling, don't get into this one right now, unless you are looking for opportunities to short.
• When it starts to fall, the target for shorting would be around 1270.

Technical Indicators: 

• There is a long term line of resistance prohibiting price rise.
• The price tried to break through this resistance line today as well as 4 days ago, and failed on both attempts.
• There was a Doji formation yesterday and a small range bound trading today.
• The price is very well into oversold levels.
• All indicators point downwards at the moment, the stock is ready to fall towards its support.

All previous posts about Tata Motors 

TATA MOTORS Daily NSE Stock Chart Technical Analysis

Sintex: Possibility to Buy

SINTEX Daily NSE Stock Chart Technical Analysis:

Sintex has been falling all of December and continued the trend today.  But a correction seems possible.

Today's Close & CMP: 170.45

Market Outlook:

• There is a possibility that the price may remain range bound tomorrow or until Friday.  And then, it could make an upward movement, giving an opportunity to go long and make money on the rise.
• Enter only if the stock exhibits an upward movement.

Technical Indicators:

• Sintex's price crashed in the initial part of the day but rallied back up when the market was near its close.
• The stock was traded very actively today and seems like it has neared exhaustion of the bearish move.
• Targets for a long position are 187 and 200 (200 and even more does seem achievable if the stock starts make an upward correction.)
• This upward move is subject to NIFTY, if NIFTY falls significantly, the upward rise could get affected.

SINTEX Daily NSE Stock Chart Technical Analysis

LIC Housing Finance: Short Term Upward Correction Possible

LIC HOUSING FINANCE Daily NSE Chart Technical Analysis:

LIC Housing is sideways after a big fall (which was triggered by LIC Hsg's name coming up for a bribe-for-loan scam).

Close & CMP is 915.50.

Market Outlook:

• The price is set to make a correction after the big fall.  If the market climbs on Monday, there might be an opportunity to go long with a stop loss at 870 and a targets at 1020 and 1100.

Technical Indicators:

• The weekly chart is showing building up of momentum which means a natural correction could be occurring.
• Don't hang around in this stock, there is no visibility of long-term revival as of now.  I have my doubts and this stock could lose a lot of value once the scam unravels.  Trade this one for short term profit only.

LIC HOUSING FINANCE Daily NSE Chart Technical Analysis

Tata Steel Near Its Resistance @ 666

TATA STEEL Daily NSE Stock Chart Technical Analysis:

Tata Steel is climbing towards its resistance line and is very near to it.

Market Outlook:

• Resistance of the price is at 666.
• If the price closes above resistance there could be an opportunity to go long
• But it seems unlikely that price will be able to break resistance.

Technical Indicators:

• There is a long term line of resistance at 666.
• The stock is overbought.
• The surge of interest on Friday might be indicative of exhaustion of interest and the price might fall back.
• Don't get into this stock right now, wait to close comfortably above 666.

Click here for previous posts about Tata Steel

TATA STEEL Daily NSE Stock Chart Technical Analysis

SBI on Support Line

: 

SBI Daily NSE Stock Chart Technical Analysis

SBI continued a sideways pattern today, which is a relief considering it had a big fall last week.

Close & CMP: 2763

Market Outlook:

• The price seems to be making a correction here and should most probably rise higher on Monday.
• If the price shows upward movement on Monday, then enter quickly.  The targets are as follows:  First target is at 2865 and second target is at 2915.
• How far up the stock will go, there are no signs showing that as of yet.

Technical Indicators:

• There are 3 different support lines.  Fortunately, SBI is taking the one that's going upwards.
• The stock price is deep into oversold levels and there is very high interest in the stock, both indicators that this could rise further. 

Click here for previous posts related to SBI

SBI Daily NSE Stock Chart Technical Analysis

Kinetic Motors: Bouncing Downhill

KINETIC MOTORS Daily NSE Stock Chart Technical Analysis:

Kinetic Motors is bouncing downhill on support slope.  Its technically a support line but its more like a slope :)

Market Outlook:

• Indecisive.  If it breaks above 33, there is hope.

Technical Indicators:

• There is a downward sloping support line on which the price is bouncing downards.
• The next time price reaches the support line, it will be around Rs. 25.  This is also close to its previous consolidation levels.  So there might be some support at this price level and the price could actually start going upwards again.

KINETIC MOTORS Daily NSE Stock Chart Technical Analysis


Earlier posts on Kinetic Motors

Karur Vysya: Buy Only Above 520

KARUR VYSYA Daily NSE Stock Chart Technical Analysis:

Karur Vysya managed to close at 511, higher than its resistance.

Market Outlook:

• The price has tried to rise above its resistance and even managed to close above resistance.  This is a positive sign, but is still not convincing enough to take a long position.
• Crossing the previous support price line at 520 and closing above it is what can be seen as an indication to go long, if other indicators support the move. 

Technical Indicators:

• The price has crossed its resistance line of past month and closed above it.  The price tried to break resistance last week as well but failed.  Lets see if it can manage the same this time.
• The price is still below its 20 DMA.
• Earlier, the price was taking support on its 100 DMA but has since fallen below it.
• If price falls, support is available around 484.

KARUR VYSYA Daily NSE Stock Chart Technical Analysis

Earlier posts on Karur Vysya

Hindalco Price Range For Next Week

HINDALCO Daily NSE Stock Chart Technical Analysis:

Hindalco fell during the first half, but a late rally saw it close higher, close to its intraday high.

Open:  221  Intraday Low: 216  Close & CMP:  224

Market Outlook:

• The price could remain range bound, between 216 and 225.  
• As of today, there is no trade signal on this stock.  
• Opportunity to go long above 225, and go short below 216.

Technical Indicators:

• A short-term line of resistance has developed as visible on the chart.
• The Fibonacci fan 38.2% is acting as a natural level of support for Hindalco stock price.
• 221 is a decision price point near end of December, the stock price either will break its resistance or support at this price.
• Trade breakouts if occur beyond the price range of 216-225.

HINDALCO Daily NSE Stock Chart Technical Analysis

Dabur at Resistance: Fails to break through

DABUR Daily NSE Stock Chart Technical Analysis:

Dabur has failed to break through its resistance and fell back after an intra day rally above the resistance.

Market Outlook:

• Tomorrow seems not very different, and the price may make a feeble attempt to again reach resistance, but nothing significant expected.

Technical Indicators:

• There is a one-year old line of support which is now acting as resistance since the price fell below it on 11 Nov.
• The price attempted to break through the resistance and formed an intraday high above this line, but at EOD it had fallen even below the opening price.
• If the price closes above resistance, we'll look at the opportunity to go long.  As of now, no trade signal on this chart.

DABUR Daily NSE Stock Chart Technical Analysis

NIFTY @ Resistance Line

NIFTY Daily Chart Technical Analysis:

Nifty opened higher than yesterday.  It survived an early-day scare and rallied upwards to close higher than opening.

Open: 5910  Low:  5855   Close:  5948

Market Outlook:

• The market doesn't seem likely to fall tomorrow.
• Breaking 5970 is of significance.  There might be an opportunity to go long if this price level is broken, but wait for me to confirm before jumping in.

Technical Indicators:

• The market stopped going higher today after reaching its short term diagonal resistance line.
• There have been quite a few Hammer formations recently.  There is an effort to push the market down, but people are unusually upbeat and are not allowing the market to fall.  People are considering any dip in price as an opportunity to buy, pushing the market up again.
• Alternately, it also looks like the market is trying very hard to stop a big fall.  If the bulls run out of hope, there may be a big single day fall soon.
• Breaking 5970 is of significance, but sustaining this break is also important.  As of now, the market may lose steam by the time it breaks this level and start falling back again after doing so.

NIFTY Daily Chart Technical Analysis

Laxmi Energy & Food: Going, going, gone ?

LAKSHMI ENERGY & FOODS Daily NSE Stock Chart Technical Analysis:


Lakshmi Energy & Foods remained range bound in a very teeny-weeny range.  The price has closed near 67 for the 4th consecutive day with almost nil movement during the day.

Market Outlook:

• Bleak.  There seems no interest in taking the stock up even at this level.  Still no demand after the price has dipped to near its all time low.  
• Closing above 69 may be a recovery for this stock

Technical Indicators:

• There is a long term line of diagonal support which is helping the stock at this moment.
• The horizontal support is available at 69, but the stock has closed below this price for the past 6 days.
• There is no demand even at this low price.
• Going by the historical movement of Lakshmi Energy & Food, the volume suddenly jumps taking the price higher.  So watch for a sudden rise in trading volume and breakout above 69.  If this happens, go long with sell off withing 2-3 days.

LAKSHMI ENERGY & FOODS Daily NSE Stock Chart Technical Analysis

Suzlon Rises but Won't Go Far

SUZLON Daily NSE Stock Chart Technical Analysis:

Suzlon made a U-turn today and closed higher than yesterday.

Open:  48.2     Close & CMP: 50.95

Market Outlook:

• The reversal has aroused hopes, but the strength seems weak and there is no sign yet that this will be a strong reversal.   
• It has only enough strength to carry it up to the resistance at 54.50.  I will raise my eyebrows to notice this stock if it goes above 56 in this same move.  Until then, refrain from getting in.

Technical Indicators:

• There is a support line at 48
• The resistance line has formed at 54.50, where the stock has faced resistance once in the last month as well.
• A Reverse Dark Cloud Cover pattern has formed, which is a positive sign.
• The momentum is already mid-way and the trading volume is moderate.  The current reversal seems short-lived.

SUZLON Daily NSE Stock Chart Technical Analysis

Sensex closes just above resistance today

SENSEX Daily Chart Technical Analysis:

Sensex closed at 19864 today, after opening at 19698 and falling to an intraday low of 19554.  Overall, it closed 166 points higher than its opening, and 217 above yesterday's close.

Market Overview:

• Sensex will most probably remain range bound tomorrow and not register a major change from today.

Technical Indicators: 

• The index closed just a tad above its long term resistance line today.  The same thing had happened on Tuesday but the market could not sustain this yesterday and close below.  Tomorrow, the same thing could happen.
• The index does not seem to have the force to break through resistance as of now.  Next week either it will build that strength and climb with a bang, or it will lose steam and fall with a whimper.  Next week could see some big moves in either direction.
• If it falls, the support line is around 18920.

SENSEX Daily Chart Technical Analysis



ICICI Bank: Support at 1100

ICICI BANK Daily NSE Stock Chart Technical Analysis:

ICICI Bank closed the week with an indecisive day, closing very near to the opening price.  CMP: 1124.15.

Market Outlook:

• The price is taking support at 1100.  
• Strong buying has happened on Friday after the price fell below 1100, indicating that the market might not let this stock fall below 1100 for the time being.  
• This presents a buy opportunity if the price rises again.

Technical Indicators:

• A Tweezer candlestick has formed.
• There is strong support to ICICI bank at 1100.  Many times since Sept 10 the price fell below this level intraday, but returned to close above it (except once, when it returned above 1100 the next day)
• This time too, the price fell below 1100 Friday intraday, but the market traded heavily to bring it back above 1100 and close at 1124.  This buy momentum could carry the stock higher next week.
• Let's see what happens on Monday, if the price rises we might have a good buy opportunity to trade a swing.
• If the price falls below 1100, the support is at 1040

ICICI BANK Daily NSE Stock Chart Technical Analysis

Reliance Industries: Weekly Chart 22-26 Nov'10: Resting on Support Trendline

RELIANCE INDUSTRIES Weekly NSE Stock Chart Technical Analysis:

Reliance ended the week by taking support on its 1-year old trendline.  CMP is 962.35

Market Outlook:

• The price has taken support and will either rise this week, or fall and take support at 910.  
• If it rises, there is a buy opportunity with targets at 1050 and 1110.

Technical Indicators:

• Three Black Crows pattern has occurred on a weekly chart, which is a big negative signal.  
• A short term upward correction could take place very soon.
• The price seems headed downwards overall even if it makes an upward correction.
• Reliance Industries has remained sideways since May last year, indicating that nothing significant is happening within the company and there is a status quo and also a sense of relaxed complacency within the company which is leading shareholders to neither take this stock price up nor take it down.  
• That, Reliance Industries is sitting like a satisfied soul for over an year and a half, is not very easy to believe.  Is Mukesh planning something very big, or is he too busy with other things in life?!
• Buy on upward correction, targets 1050 and 1110.
• Any fall below 874, and the price is gonna remain down for a long time after that.

RELIANCE INDUSTRIES Weekly NSE Stock Chart Technical Analysis

Cera Sanitaryware: Struggling below Support Line

CERA SANITARYWARE Daily NSE Stock Chart Technical Analysis:

Cera fell sharply on opening, but rallied back up to close higher.

Open:  151.6, Close & CMP: 147.25, Intraday Low: 126 !

Market Outlook:

• The price is fighting to rise back above its support price at 152.
• If it rises above 152 and closes higher, that's a good time to buy this stock if everything else is looking okay as well.

Technical Indicators:

• A strong Hammer has formed.
• The day ended with a strong buy. 
• When the stock opens on Monday, it could initially fall.  If it manages to close above 152, that could be a good buy signal.  I'll try to update on Monday evening.
• If it doesn't rise above 152 and falls, 132 is where the next support is.

CERA SANITARYWARE Daily NSE Stock Chart Technical Analysis

Financial Techno: On Support Line, Might Rise

FINANCIAL TECHNO Daily NSE Stock Chart Technical Analysis:

Financial Techno fell for the 9th straight day today.  Open: 870.1, Close & CMP: 824.15

Market Outlook:

• The price has found support at 778.  It could make an upward correction now.
• Good chance to make short term gains if this makes an upward correction. Shorting opportunity if it breaks the support trendline.

Technical Indicators.

• There is a support trendline formed and the price took support on it.  It rose after touching this support line at 776 and closed higher at 824.
• This stock might be actively traded on Monday and a upward correction is possible. 
• The upward may not last long though, this is purely a short term opportunity if it rises.  The sell target is not very visible yet but 1000 is the highest point we exit could be made.  I'll update the target if the stock price rises on Monday.
• If the price falls and closes below the support line, the price might just fall further and present a short sell opportunity (not sure if this one is traded in F&O, though)

FINANCIAL TECHNO Daily NSE Stock Chart Technical Analysis

Karur Vysya: Be Prepared

KARUR VYSYA Daily NSE Stock Chart Technical Analysis:

After taking support of the 100-DMA, the price rose to get back above its 520 support line and has stayed there for the last 5 days.  A sideways week until now for Karur Vysya.

Market Outlook:

• Watch out for the 520 level.  The price must stay above this for any quick future rise.  

Technical Indicators:

• Keep an eye on Karur Vysya to make money, an opportunity soon.
• The stock is all set to gain speed ... but this could be either upwards or downwards.  Get ready for both opportunities - to buy or to short.   
• If it jumps up, 639 is a good target.  If it crashes, support is available at 444.
• There's a group of tweezers formed, the market is undecided and preparing to make a head in a single direction soon.

KARUR VYSYA Daily NSE Stock Chart Technical Analysis

Reliance Communications: One More Day...

RELIANCE COMMUNICATIONS Daily NSE Stock Chart Technical Analysis:

Reliance Communications fell again as expected, Open: 144, Close/CMP: 136.9

Just one more day and the price will have its tryst with destiny as it touches the support level of 132.  Watch the contest between the price and support closely.  If support wins and price bounces back upwards, there could be a good possibility of buy.

This post assumes you have read yesterday's post

Jai Corp: Looking Bleak

JAI CORP Daily NSE Stock Chart Technical Analysis:

Investors are waiting for this stock to rise, its been sideways since a long long time.  And with a high of 1441 just 2 years back, everyone who got in long ago, cannot see any ray of hope.

Coming to the present, the stock fell again today, Opening at 241.25 and closing with CMP at 229.90.

Market Outlook:

• The price could fall further tomorrow and close around 220-223.
• After this, the price could make a sudden upward spurt, be ready to make short term profit when this happens.

Technical Indicators:

• An important year old support line has turned into a line of resistance after a breakout on Oct 15 at the 258 price level.  Since then, the price has remained below this line.  (The important line to break)
• Twice the price made an attempt to regain its rightful place above the line of support but faced resistance and could not do it.
• The line of resistance is rising everyday as it is diagonal.  This means that the more time that elapses, the more the distance between the price and the line of resistance, and that much more area to cover.
• Yesterday the price has broken through yet another line of short term support and failed to go above it today.
• The price area of 214 - 230 is an area of support for Jai Corp at the moment.  Any fall below 214 and its gonna be tough to rise back any soon.
• Buy if the price closes above the "Important Line to Break" (which is almost at 60 rs from current price, damn, hopefully the price should make a run to climb above resistance soon, until then, wait to make any move on this one).  

JAI CORP Daily NSE Stock Chart Technical Analysis


(Analyzed for Vivek, Pune)

Dabur: Might take some time to return to its support line

DABUR Daily NSE Stock Chart Technical Analysis:

Dabur has broken out from its long term line of support, and also below its Fibonacci Zero %. 


The next support levels for Dabur are 94, 84 and 77. 

There could be a small upward swing in the next few days as the price attempts to go back above its support line, but this means the price will have to rise above 101. If the price can rise and stay above 101, then this becomes a good time to enter. Until then, there`s nothing much one can do. 

With Dabur`s purchase of a Turkish company and proposed launch of products in middle east, Dabur does seem to have a good 2011 if it can pull up its socks and compete in the international market. 

The company is quite ambitious so even if you bought at higher rate, don`t worry. Just that you will have to wait until this stock price definitely comes up again (but which could be a while considering the market conditions *sigh*).


DABUR Daily NSE Stock Chart Technical Analysis


(Analyzed for Fox121, a MoneyControl fellow-boarder)

Hero Honda Falling Back after hitting resistance

HERO HONDA Daily NSE Stock Chart Technical Analysis:

Hero Honda is falling again after a few days of rise.

I hope you have been following my newsletter, and were bullish on Hero Honda just when it rose and have made money on this rise.  Also, if you haven't sold HH already if you bought when I recommended it in my newsletter, sell it now to book profits.  (And if you haven't subscribed newsletter but want to, click here).

Market Outlook:

• The price could fall further during the next few days.

Technical Indicators:

• The price reached its resistance level but retraced from there and could not break out.  
• Support is at 1910 and then at 1865.

HERO HONDA Daily NSE Stock Chart Technical Analysis

Reliance Communications: Support @ 132

RELIANCE COMMUNICATIONS Daily NSE Stock Chart Technical Analysis:

Stock price of Reliance Communications is falling like a missile from the sky.  Today it closed at 143.65.

Market Outlook:

• Where will this fall stop?
  The price should stop falling after falling another 11 rupees, at Rs. 132.
• If it starts rising after 132, good opportunity to buy and make money on this one (its been a while since anyone made money on this one)

Technical Indicators:

• The dreaded Head and Shoulders has formed recently, indicating that the price is going to keep pushing down further.
• The market bottomed out twice at 132 in the past 2 years.  This level is only 11 rs away from today's close.
• If market takes support of 132 and rises back, its a good time to buy.  Target can be decided only after it U-turns.
• In case it tumbles below 132, the next support is at 113.

RELIANCE COMMUNICATIONS Daily NSE Stock Chart Technical Analysis:

Indiabulls at rs 176 Support line, Might Rise

INDIABULLS Daily NSE Stock Chart Technical Analysis:

Indiabulls again fell today, Opened at 196.4 and fell throughout the day to close at CMP 180.5 (losing close to 8% on a single day).

Market Outlook:  

• The price fall will be challenged by the support at 176.  It will be important to watch if the price respects this level or breaks and falls below it.  Even today you can see that the price reached this important support level as its intraday low but then rose back again.

Technical Indicators:

• 176 is a double support - a double bottom and Fibonacci.  The moment stock price touched this level, the market resumed buying interest in Indiabulls.
• If the stock remains above 176 and rises again, one could buy with a target of 216-221.
• The stock is deeply oversold, indicating a possible upward correction very soon.
• If the price falls below 176, the next support will only come at 159.  

INDIABULLS Daily NSE Stock Chart Technical Analysis

Laxmi Energy & Food: Sideways since 5 days, Big move before weekend

LAXMI ENERGY & FOOD Daily NSE Stock Chart Technical Analysis:

Laxmi Energy & Food remained sideways for the 5th continuous day and closed near yesterday's open after opening near yesterday's close.

Open:  79.50  Close & CMP:  77.40

Market Outlook:

• The price will make a sudden move in either direction, keep your antennae tuned for opportunity to make money on this stock.
• In the short term, buy at 83 and sell at 90.

Technical Indicators:

• Thu or Fri could see a big move happening (hopefully upwards).  Keep an eye for the move to happen, and make a buy or sell when it happens.
• The monthly chart (the chart above is the daily chart) suggests that this month could end around Rs 72 or at 80.  Next month, this stock should start rising again. December could be a good positive month for Laxmi Energy and Food.

LAXMI ENERGY & FOOD Daily NSE Stock Chart Technical Analysis

Bilcare Rising

BILCARE Daily BSE Stock Chart Technical Analysis:

Bilcare rose today, Opening at 674.95, Close & CMP at 686.25.

Market Outlook: 

• The price seems to be rising again.  It should go atleast up to Rs 720 -725 levels.
• If it crosses Rs 753, this could be very positive for a further rise.

Technical Indicators.

• The price has made two negative trend breakouts in just one month's time.  A long term support line is helping the price from falling any further. 
• A morning star lookalike pattern has formed today, this could be a positive signal for price rise after a week-long fall until yesterday. 
• Tomorrow could be a crucial day as the market could fall significantly due to LIC and Central Bank loan scams, and prevent the positive rise in Bilcare.  If Bilcare doesn't rise tomorrow due to this reason, then it makes this stock all the more buyable, and we should enter when it starts rising again.

BILCARE Daily BSE Stock Chart Technical Analysis


(Analyzed for Prakash, Vidisha)

GRANULES INDIA Daily NSE Stock Chart Technical Analysis

Granules India has fallen below its support trendline and is closing lower than the support since 4 consecutive days.  The price is attempting to rise back into the zone.

If the price cannot rise above 94, the situation could get difficult.  If it does rise and close above 94, there might be an opportunity to buy.

TTK Healthcare @360: Could rise tomorrow

TTK HEALTHCARE Daily NSE Stock Chart Technical Analysis:

The price dropped steeply today, Open: 390, Close & CMP: 360.45.

Market Outlook:

• The price could rise again tomorrow from its current support level at 360.
• If price rises with high number of trades taking place, it might be a good point to enter with targets at 386, 394 and 419. 

Technical Indicators:

• Price is taking support of Fibonacci 50% and Fibonacci Fan 61.8%.  This makes 360 a strong support level.
• Less number of people seem interested in the stock as such low price levels.
• Stock is deep into the oversold level.
• Possible rise tomorrow.  Keep watching the price and trade numbers as the market opens.
• If price falls, only next support is at 331.

TTK HEALTHCARE Daily NSE Stock Chart Technical Analysis

Karur Vysya: 100 DMA Support @ Rs 500

KARUR VYSYA Daily NSE Stock Price Technical Analysis

Unlike expected yesterday, the price fell heavily today, losing quite a bit in the 2nd half.  But, I feel that this is simply because of the overall market fall today and has nothing to do with Karur Vysya's potential to give returns.

Open: 523.05  Close:  502.85

Market Outlook:  

• I'm expecting the price to rise up again.  If it does, I'm looking at taking a long position on this one soon, especially if it rises above 520 with good trading volume and other indicators pointing upwards as well.

Technical Indicators:  

• There is unusually large negative activity on this stock inspite of the fact that there is no negative news about the company.  In fact, KV has recently won the 2nd best private sector bank award.  So this big fall today seems unwarranted.
• Today's fall looks like 1) Reaction to overall negative market and 2) A sudden short term hurry to liquidate positions by people who were worried when the support line at 520 was broken.
• The price finally found support at its 100 DMA near 500 and closed slightly above it.
• The stock price is flattening out in the oversold levels, pointing towards a possible rise again.
• Tomorrow should be able to tell us if we should indeed take a long position on KV at the CMP.  Wait for a day or two.  

 KARUR VYSYA Daily NSE Stock Price Technical Analysis