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