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