FINANCIAL TECHNO (I) Daily NSE Stock Chart Technical Analysis:
Financial Techno opened higher than yesterday's close but pushed downwards to close below yesterday's close. And such behavior on a day when the markets zoomed upwards by over a 100 points.
The stock opened at Rs 1065 but closed way down at 1026.65. It also made a deep intraday low of 996.
Market Outlook: Financial Techno could fall tomorrow, and in the coming days as well.
Technical Indicators:
The price pushed down throughout the day, and there was a weak rally upwards at the end of the day.
The price is facing resistance from the Fibonacci 50%.
There is also a long term line of resistance drawn from Jan 2008. This makes it a very strong resistance line and might be difficult to break now that the price has fallen below it. The price would slide down for the next few days trying to negotiate this diagonal line of resistance as visible on the chart.
However, if the price manages to climb above this line of resistance, it could alternately act as a strong line of support instead. The results should be out in 2-3 trading sessions.
News:
Financial Techno has run into problems with SEBI over the past couple of months and been disallowed various permissions. But at the same time, it has expanded base by starting exchanges in Singapore and Mauritius. In the long term, foreign success could pay off. But this will take time to show up in the stock price, if at all FT enjoys success in its new ventures.
(Analyzed on request of Prakash, Vidisha)
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