Indraprastha Gas Rises after Morning Star

Indraprastha Gas stock on NSE has risen after the morning star formation in early October 2010 as predicted.

Even though the market shows a minor correction on End of Week 15-Oct, and might fall further for a short while, I believe the market will rise again and I'll remain in a long position, and that the market will try and regain its closeness to the original line of support. 

Chart Source: www.moneycontrol.com

IDBI Sideways and Double Top

IDBI stock on NSE continues sideways.  

It has made a double top formation at 164.5.  

In between the double tops, it has also made a close double bottom around 154.5. 

The stock will most probably try and break its double top.  If it fails, it could be a good time to take a short position based on other confirmations.  

Chart Source: www.google.com/finance

Bajaj Finance Triangle Approaching

Bajaj Finance stock on NSE had climbed out of resistance on 7-Sep, and has been choppy since.  

The earlier resistance is acting as support now, as is visible. 

There is another horizontal price channel which has formed since last 2-3 weeks.  The diagonal long term support and the upper limit horizontal price channel are about to co-incide in a day or two.  

The stock has two options now - Either break its long term line of resistance turned support, or will climb out of its short term horizontal resistance.  

If Bajaj Finance breaches long term support, there is another parallel support line way below.  If Bajaj Finance breaches the horizontal resistance, it could rise further aided by the support line.

I'll wait n watch next couple of days, and then take a position.

Chart Source: www.moneycontrol.com

Tata Steel broke its month-old trend line on 7-Oct.  But since, it seems to have found a new support line as is visible above.

Redrawing trends on the same chart, Tata Steel seems to have not found a new support line, but has found support from a trendline retraced to a 4.5 month old level.  I am willing to believe that this stock will sustain and rise in the coming days, and that the current fall could just be a simple attempt at short-term correction.  Hmm.. 

SBI seems all set to fall following divergence.  I am going short on market opening with a stop around 3350 levels.  The market may even open gap down on Monday.

Chart Source: in.reuters.com

Airtel could fall further in this week

Airtel has formed an evening star pattern on the NSE weekly chart.  The MACD has slowed down, and %K has made a negative crossover.

All signs that October 18 - 22 could be another difficult week for this stock.  

Refer my earlier posts for Fibonacci support level.

Chart Source: www.google.com/finance