Hero Honda falling: Support @ 1807, Could make upward correction soon

HERO HONDA Daily NSE Stock Chart Technical Analysis

Hero Honda was seen struggling for support today.  It opened at 1828 and CMP is 1809.95.

Market Outlook:

As analyzed in Monday post, the price is falling since the past 3 days.

Tomorrow also the price could fall but will try to remain near today's close and not fall too deep.

The price fall should slow down now and then the stock could make an upward correction.

Next level of support if the price continues to fall is Rs 1775.

Technical Indicators:

The price fell intraday below its 1807 support but recovered to close above this support line, which is a positive sign.

The price could fall again tomorrow but can rise again soon.

The price has reached the oversold levels which also indicates that this stock could make an upward correction.

Long term view of this stock does not seem positive even if the price makes an upward correction.

HERO HONDA Daily NSE Stock Chart Technical Analysis

Karur Vysya: Strong Support @ 520, Will Rise Again

KARUR VYSYA Daily NSE Stock Chart Technical Analysis:

The price fell marginally today from its opening, after a good upward rally during the day.  CMP is 534.7.

Market Outlook:

The price will remain sideways tomorrow with possibility of lower intraday low than today.

The price will reverse its short term correction and rise upwards.

If price does not make an intraday low of 528 or below, its a good sign to buy around 232-235 levels with a target at 580 and another target near 639.

Technical Indicators:

The price made a Tombstone Doji candlestick today, good possibility of reversal.

Very strong double Fibonacci support for this stock at 520.

Support of the 50 day moving average.  The price has remained above 50 day moving average since Apr 2009, i.e. 1.5 years.  It has again touched its 50 day moving average and will rise.

Public sector banks are in full bloom on the stock market.  Enjoy the ride!! :)  [while it lasts, nothing is forever]



KARUR VYSYA Daily NSE Stock Chart Technical Analysis


(Analyzed for Yasoram, Erode)

Seamec Post Poor Results: Still stuck between Rs 165 and Rs 139

SEAMEC Daily NSE Stock Chart Technical Analysis

Seamec opened higher than yesterday at 164.1 and went to a high of 169, but eventually fell and CMP is 161.9.

Market Outlook:

• The price seems all set to fall.
• The support for these falling prices will be near Rs. 157 and then at Rs. 139.  This time I feel it won't stop even at 139 and fall to 125 levels by mid-Dec.
• There could be an opportunity to go short as the price starts falling tomorrow.

Technical Indicators:  

• Bearish Inverted Hammer Candlestick today.
• Strong resistance at 165.
• Price tasted 169 but could not sustain and closed below the 165 resistance.
• Price fall expected in the coming days.
• There is a long term line of support as visible on the chart.  If the price falls below 139, this line will provide support around 125 levels.

News & Fundamentals:

• Q2 has reported a loss again.
• The stock is trading at a P/E of only 9.27 so it shouldn't fall too much.  If the company shows any sign of turnaround, the market will jump on this stock and the prices will soar.  Keep an eye on any positive announcements or declarations by Seamec (if any happen, that is). 

SEAMEC Daily NSE Stock Chart Technical Analysis

Jindal Polyfilm: Support @ 618, Buy Possibility in 1-2 days

JINDAL POLYFILM Daily NSE Stock Chart Technical Analysis

Jindal Polyfilm fell today, opened at 641 and CMP is 632.60.

Market Outlook: 

• The price will hit its support near Rs. 618 to Rs 622 and rise again.
• There is an opportunity to go long if the price rises back with good volume.
• The first target would be at Rs 660.  The second target would be at Rs. 695.  But sell only if the price hits 695 and falls back below 685.  If it goes above 695, stay invested.

Technical Indicators:

• The point of Fibonacci support is at Rs. 618.  If it breaks 618 the next level of support is at Rs. 543.  
• Resistance is at Rs 695.  The price has made a double top at this level recently.
• If the price breaks 695, its a good opportunity to go long.

JINDAL POLYFILM Daily NSE Stock Chart Technical Analysis


(Analyzed for Vikalp, Delhi)

Indian Hotels: Expected to Rise

INDIAN HOTELS Daily BSE Stock Chart Technical Analysis:

Indian Hotels went up today.  The price opened at 103.4 and CMP is 106.7.

Market Outlook: 

• There is a long term line of resistance as visible on the chart.  Tomorrow the price will try to break it and climb upwards from Rs. 108.  We can see that the price hit the resistance today and retracted.
• I expect the price to keep moving upwards for this week and break its resistance.  
• For intraday, buy at 106 and sell at 110.  I don't do much intraday so this is only a recommendation, I wouldn't be doing it myself.

Technical Indicators:

• Fibonacci Support at 102.50 and 98.50.  Fibonacci resistance at 110.
• There is a double bottom support at 95.   
• Breaking 114 is crucial.  If the price can do this, its time to go long. 
• No chance of fall in the short term.

Fundamentals:

The P/E of this stock is quite high - 63.  Still many analysts are calling it undervalued.  So there seems to be a disparity of opinion so I'll strictly stick to the technical charts for trading Indian Hotels.

INDIAN HOTELS Daily BSE Stock Chart Technical Analysis

(Analyzed for R Gupta, Delhi)