BF Utilities to show a definite trend by weekend

BF UTILITIES Daily NSE Stock Chart Technical Analysis:

The price marginally went up today.  It opened at Rs 945 and CMP was Rs 954.35.

Market Outlook: 

• The price is expected to marginally rise again tomorrow and close above Rs 957.
• There is a point of decision by end of this week.  What happens the day after the support line and the arc cross each other will help us take future stand in the market.
• Looking at the historical price of this stock, it has the tendency to suddenly rise or fall.  Hence if I personally would want to not buy and hold but be an opportunist with this stock, buying when I expect the market to rise and selling when it starts falling, or when I make 10-20% which is decent return in the short term.

Technical Indicators:

• The price took Fibonacci Arc support at Rs. 886 and rose back after 1 Nov 2010.  There is a line of support there at Rs. 900.
• Price is sideways since the last 5 days.
• It is very close to the Fibonacci Arc as well is at the Fibonacci Retracement intersection at Rs. 957 around Nov 15.  This is an important decision point to watch to know which line will be used as further support - the Fibonacci line at Rs. 957 or the Fibonacci Arc.  
• If price rises along the arc it will find resistance at Rs. 1029. 
• There is a long term line of resistance, if the price crosses this line with good volume there might be good opportunity to buy. 
• Below Rs. 885, I would short this stock

BF UTILITIES Daily NSE Stock Chart Technical Analysis


(Analyzed for M Mohan, Kolkata)