Yes Bank Gap-Up Opening

Yes bank has created Gap up on 22 Oct 2010.  The volume has also been increasing.

But I'll wait and see if this is a continuation or reversal gap-up.  

Keep an eye on this stock.

Escorts Buy

Escorts stock prices on NSE follow an interesting swing pattern in an overall uptrend.

The swings are in the range of 20-40 rupees.  Also, the swings are getting steeper.

The current swing began at 208.6.  The target can be around 238-240.  The stop can be trailed by 10+, 20+, 30+ when the price goes 20+, 30+, 40+.

Ashok Leyland Stock on NSE has hugged its 50 day SMA so well since it began uptrending in early 2009, almost 2 years ago.  Keep watching the 50 day SMA for clues on trading Ashok Leyland.

A closer look at recent Ashok Leyland price chart shows the formation of a double bottom and quadruple top.

77 is proving to be strong price resistance level for the Ashok Leyland stock, with support at 71.8.

Today the price fell and closed almost near yesterday's low.  However, the volume was less than 50% of yesterday.  This means that the fall in price may not be sustained on Monday when the market opens, and the price will try to break the 77 resistance.

The stock becomes a good prospect for short term trading if it rises above 79. 

Airtel Upper & Lower Limits

Watch out Airtel stock on NSE for these levels - 377 and 329.7, once either of these are broken, the stock will enjoy a rise / fall.  

Lets see how the market opens tomorrow, no bets as of now.

Chart Source: www.moneycontrol.com

Kinetic Motors Could Rise Again

Kinetic Motors stock on NSE is all set to rise again after a small correction. 

We can see a Bullish Dark Cloud Cover Candlestick on 21 Oct 2010.

On 22 Oct 2010, the market opened gap-up and there is a Dragonfly Doji Candlestick.

Moreover, today is accompanied with good rise in volume as well.  The other indicators are also positive.

I am willing to go long on 24 Oct 2010 market opening if it opens higher, which seems very likely.

SBI forms Morning Star

I was short on SBI at 3200 with a target of 3050.  

But the stock has formed a morning star on 21 Oct 2010 which is a bullish reversal pattern.  Today, chart shows a doji.  If the market opens up tomorrow and trades with good volume for part of the day, I'll liquidate my short position and not wait for my stop to get hit.

Chart Source: in.reuters.com

Sensex & NIFTY Create Morning Star Patterns

Sensex (left chart) and Nifty (right chart) have created a morning star pattern each before the end of the last week.

The other indicators are also showing probability of a rise.

The markets should rise in the coming week 25-29 Oct 2010.

Laxmi Vilas Bank Setup for Big Move Soon

Lakshmi Vilas Bank is sideways since 2 months and the volume has constantly lowered.  Coupled with other indicators, there are signs of a big move soon.  

All increase in volumes have been during spike-up in price of Lakshmi Vilas, as is visible in the above chart.  So if volume suddenly goes up, the swing could be upwards.  

Lakshmi Vilas can be purchased on 25 Oct 2010 around 130 price levels, with a target of 140 - 145 and stop loss at 124.  Alternately, the stock can be buy n hold with proactive trailing of stop.

Indraprastha Gas is rising as predicted, and trying to go back to its line of support which was breached in September.   The other indicators predict a move soon, and this could be upwards.  I will continue remaining in a long position but will not add any new position yet.

Today was almost a gap-up with good volume support.  A belt hold reversal has also happened in this week. Good signs, all.

Chart Sources: www.moneycontrol.com, in.reuters.com

Ingersoll Rand Continues Sideways

Ingersoll-Rand is sideways but is approaching a trend triangle.

The indicators suggest that the sideways could crack soon and a move can happen.  As of now, it can't be said which way the move will be.  

Many dojis and negative candles.  Today's EOD suggests bearish control.  The stock might continue sideways until triangle endpoint.

Not all periods can be traded.  This is one such period where IR is wait and watch to take a position.  And if already in a position, stay put.

Chart Sources: www.moneycontrol.com, in.reuters.com

SBI Misses Target and Rises Back

SBI was so close to the first target yesterday, but missed and went up again today.  Volume is also good, other indicators are also showing upward possibility, so the trend may continue tomorrow.

I can also notice that the price has tried to reach its long term diagonal line of support as well as its short term horizontal line of support, which merge in a triangle formation near today's close.

With a stop near 3350 levels, I'll wait and see where this goes.

Chart Source: www.moneycontrol.com

IDBI Gap up Opening

IDBI broke its double top of 164.5 yesterday, and opened gap up today.  The volume is higher than all of October except yesterday.

Seems positive, a good gap up candlestick and high volume and breaking of double top, but no other indicators are giving an entry signal yet so will wait before entering.

Chart Source: www.moneycontrol.in