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.

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TATA STEEL Daily NSE Stock Chart Technical Analysis

SBI on Support Line

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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. 

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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