Sterlite Techno: Huffing and Puffing to rise past 72

STERLITE INDUSTRIES Daily NSE Stock Chart Technical Analysis


Sterlite Industries has remained range bound for the last 2 weeks and move between 69-72.
Today's Close & CMP: 71.6

Market Outlook:

• The price is facing stiff resistance at 72 where it is currently consolidating.
• Closing above 72 with higher trading volumes might suggest a hopeful correction.

Technical Indicators:

• The price peaked in June, since then it has been falling continuously. 
• The fall is in a cascading motion, with natural consolidation near each Fibonacci Retracement.  Currently the price is consolidating just below its 61.8% retracement level.
• There are 2 lines of support and resistance, which have created a price channel and are driving the stock price downards
• There might be a chance to make some short term money if the price closes above 72, then it could go to 82 before falling back.
• As of now, no signs that this will recover and go higher up.  Wouldn't recommend getting into the stock at the moment.

STERLITE INDUSTRIES Daily NSE Stock Chart Technical Analysis


(analyzed for Prashant, Rajkot)

TVS Motors: Rs 70 continues to be an important price level

TVS MOTORS Daily NSE Stock Chart Technical Analysis:


The TVS Motors stock price again closed below 70 today for the 4th consecutive day.
Close & CMP: 69.6

Market Outlook:

• The stock price is facing resistance at 70.  Closing the day above 70 makes it an opportunity to enter with a long position.
• The first target would be 77, where TVS faces another resistance.
• If it falls, the support is at 65.

Technical Indicators:

• The price opens above 70 but closes below it.  70 is an earlier support which is now acting as resistance.
• This total fall in price this month has been more than any other month in the past 2 years.
• Above 77, the stock will break through its long-term resistance and become lucrative.  Until then, only short term trades can be made.

All previous posts about TVS Motors

TVS MOTORS Daily NSE Stock Chart Technical Analysis


(analysed for Srinivasan, Mumbai)