NIFTY Continues in Downward Price Channel

NIFTY Weekly Chart Technical Analysis
(each candlestick represents one week of movement)

Ever since NIFTY peaked in Nov 2010, it has been falling within a price channel as is visible on the chart.  Moreover, the entire week saw a small price movement even when the trading volume was good.  This week the price may fall further and touch its support line at around 4380 during the week. Let's see what happens from there.

If the price falls below 4380, then there could be an opportunity to short NIFTY.  If it doesn't and bounces back, then there could be as short-term opportunity to go long or expect a positive movement.  No long term correction in sight, though.

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NIFTY Weekly Chart Technical Analysis

NIFTY rises, but will this sustain?

NIFTY Weekly Chart Technical Analysis:
(each candlestick represents one week of movement)

Nifty had a fun day on its post-Diwali opening session and rose by almost 160 points as compared to its previous close.

This is a welcome rise, but there is the strong line of resistance to break near 5450.  This resistance has lasted over an year now, and is quite strong.  Nifty is moving in a price channel and it will be interesting to watch what it does once it hits the resistance.

If NIFTY breaks above 5450 with good power, it would be a very positive sign.  Otherwise, prepare for another fall!

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NIFTY Weekly Chart Technical Analysis

NIFTY Falls Below Support: July 12

NIFTY Daily Technical Chart Analysis:

NIFTY fell below a significant support line at the 5600-5610 levels today.  The market opened gap-down and recovered slightly only towards the end of the trading session.

Since Feb 2011, the 5610 levels have displayed strong resistance, with only occasional spurts above this limit during the past 5-6 months.  Once again the market has fallen below this level and so there might be a tendency to fall further.  The index is expected to be turbulent over the coming few days.  Until it goes about 5610, avoid taking any long positions on NIFTY.

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NIFTY Daily Technical Chart Analysis

NIFTY Outlook for the Week July 4 - 8, 2011

NIFTY WEEKLY TECHNICAL CHART ANALYSIS:

This has been a good week for NIFTY, after it bounced back creating a hammer formation from the dreaded 5200 level in the last week.  However, the next week can be difficult and the index could fall again.

You can see that there is a line of resistance which is applicable since Nov 2010, i.e. 7 months ago.  This makes it a strong line of resistance to reckon with. 

The index reached this line of resistance twice and then fell back again.  Out of these previous two times, it tried to break above this line for an entire month in the Apr-May 2011 period but couldn't do so and fell back again.  You can see that all the weekly highs during that period touched the line of resistance but failed to rise above it.

Now again for the 3rd time, the index is about to reach this line of resistance and will meet it around 5717.  This is an important point to watch out for.  If the index rises above this level then we can look at a positive movement in the coming weeks.  However, if 5717 is not breached and the index falls below, then we would ideally expect it to head towards 5350 and then 5200 before making any further movements. 

For now, wait and see what happens at 5717 before making any important trade decisions.

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NIFTY WEEKLY TECHNICAL CHART ANALYSIS

NIFTY Outlook: Where is the tricky index headed?

NIFTY Daily Chart Technical Analysis:

As the chart predicted last month (see my previous on NIFTY), 5500 has been an important level throughout May and June.  The index remained around this level initially and then fell to the 5200 level.

Why is 5200 important?  

The market has reached this level for the 3rd time since July 2010 (almost an year ago).  Last time was in Feb 2011, when the market dipped below 5200 briefly but rallied back upwards. This time again, the market has reached 5200 and has now shown signs of support.

Two more patterns have emerged.

The first is another important support at 5350.  Remaining above this level is a good sign as you can see in the chart.  While 5200 has served as a bottom, 5350 has served as the stronger support level over the past year.

Another is the diagonal set of parallel lines of support and resistance for the short term period since May 2011.  The line of support passes through 5200 just where the market dipped to this level in the current week.  This makes 5200 a very important level in the current week and that the market has shown support and remained above 5200 is a good sign.

Moreover, the volume has consistently lowered throughout the year and the current weekly volumes are atleast 50% or less as compared to a year ago.  The volume has progressively fallen.  This is showing a lowered interest in the market at the current rates.  This could be a sign that the market is readying for a move soon.  

For the time being it does seem like the market will rebound towards the higher levels after sputtering to a bottom of 5200.  But in the longer term, it is still doubtful if the market will be able to sustain above this level considering the socio-economic and political situation in India.  Defer from making long term decisions right now and trade for the shorter term, and beware of any fall below 5200 as this is an important support level.

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NIFTY Daily Chart Technical Analysis

NIFTY Near Its Support Line

NIFTY Daily Chart Technical Analysis:

NIFTY has been falling since the past few days as expected (Check my previous post on NIFTY to see we had expected this fall).  It has finally reached near its support line. 

The 5500-5550 is an important level and NIFTY is expected to bounce back from here.  If it bounces back it might be a good time to expect a bull run.

But if it falls below 5500 and closes below this level for a couple of days, then we might face a further fall and it might take a while for NIFTY to recover.

The next couple of days will be important in taking a positional call on NIFTY. 

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NIFTY Daily Chart Technical Analysis

NIFTY in Decreasing Triangle

NIFTY Weekly Chart Technical Analysis:

Nifty has been interestingly volatile in the past few weeks.

As visible on the chart, there is a resistance line of a decreasing triangle that Nifty is unable to break since the past 3 weeks.  This resistance line began in Nov 2010 and Nifty is unable to break the same as of yet.  

Think of a long position this week only if Nifty comfortably goes and closes above 5945.  In fact, there is a chance it might fall back to 5550 - 5600 levels.  Be alert, it's not a bull run yet.

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NIFTY Weekly Chart Technical Analysis

KS Oils: Correcting after a fall

K.S. OILS Daily BSE Stock Chart Technical Analysis:

KS oils has fallen quite sharply in 2010 and is right now near its lowest price range in the last 3 years. 

Close & CMP: 32.40 

• Currently the price is traveling within a price channel as is visible on the chart.
• Rs30 is the important support level for this stock price.  If it falls below 30, we can only wait for it to return.
• At this point though, falling below 30 is unlikely.  The price can be expected to hit 30-31 and then rise back to 33-34 making small swings.  After that, it is important what happens. If the price rises above the price channel's upper trendline, there might be a breakout with high volume and this can be traded with a long position.
• The current price channel is a decreasing triangle double zigzag A-B-C Elliott Wave correction unfolding.  This means that we should wait before taking long-term positions on this stock and wait for an impulse wave (trend) to emerge. 
• However, you can still trade any breakouts above the price channel as discussed above as this may be a good short term opportunity.  Keep your stoploss tight if and when you make this trade.
• KS Oils के शेयर का भाव त्रिकोण आकर में चल रहा है, जैसा की आप चार्ट पर देख सकते हैं.  ३० पर इसका पक्का सुप्पोर्ट है.  ३० के नीचे गिरा तो फिर राह देखनी पड़ेगी की वापिस लौटे.  और अगर यह भाव के त्रिकोण से ऊपर निकल गया आचे वोल्यूम के साथ, तो फिर इसे खरीदा जा सकता है लेकिन स्टॉप लोस को कास के रखें क्यूंकि इसका अभी भी कोई भरोसा नहीं है, अभी तक कोई ट्रेंड नहीं दिख रहा है.   

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K.S. OILS Daily BSE Stock Chart Technical Analysis

(analyzed for Prashant, Rajkot)

Reliance Communications: Falling Again ?

RELIANCE COMMUNICATIONS Daily NSE Stock Chart Technical Analysis:


Close & CMP: 107.65

• Reliance Communications faced resistance near the Ichimoku Cloud at 108 as expected, and is now falling back and has broken its support trendline.  The momentum has also peaked and the volume has fallen.
• No long positions should be entered at this point.  Only enter short term positions with small time window of liquidating the position.
• Think of buying only if it rises above 118.
• Reliance Communications अब गिर रहा है और सुप्पोर्ट ट्रेंड लाइन के नीचे भी गिर गया है.  अभी इसे खरीदा नहीं जा सकता है, सिर्फ शोर्ट पोसिशन लें.  अगर ११८ के ऊपर जाता है तो ही खरीदने के बारे में सोचें.  

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RELIANCE COMMUNICATIONS Daily NSE Stock Chart Technical Analysis

Tata Steel: Struggling to return

TATA STEEL Daily NSE Stock Chart Technical Analysis:

Tata Steel Close & CMP: 613

• Tata Steel has a long term diagonal support line as visible on the chart.  This line crossed the diagonal resistance last week at the 638 price level.

• As is visible on the chart, the price fell below and remained below the diagonal line of support.  This is a negative signal.  As the diagonal line of support is moving upwards, it is obvious that the more time Tata Steel remains lower, this line of support will seem farther and farther.  

• Moreover, the diagonal line of resistance will now start pushing this stock's price lower.

• The only good luck charm is the support line at 578.  As long a this line withholds, one may feel safe.  However, if 578 is taken out, it's going to be dangerous for Tata Steel.

• A fall below 578 may be traded with a short position.

• For Elliott Wave Traders:  2 sets of A-B-C corrections seem to have occurred.  We are now looking at either the Wave 1 of the next bull trend, or Wave X for the next set of corrections.  If 578 is taken out, then we can conclude that we are in the next set of corrections and headed down for another Wave C.

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TATA STEEL Daily NSE Stock Chart Technical Analysis

Jubilant Foods: Trend Triangle

JUBILANT FOODS Daily NSE Stock Chart Technical Analysis:

Jubilant Foods is in a trend triangle and most probably a breakout will occur on 27th, Monday.

Close & CMP: 548

• Upper breakout is 551 for going long and lower breakout is 540 for going short.  Trade only in direction of overall NIFTY trend.
• The momentum is wavy and so the direction of this stock cannot be trusted yet, so avoid taking long term positions.
  
• Jubilant Foods ट्रेंड त्रिकोण में है.  शोर्ट टर्म ही ट्रेड करें, अभी कोई लम्बे समय तक चलने वाला ट्रेंड नज़र नहीं आ रहा है. 

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JUBILANT FOODS Daily NSE Stock Chart Technical Analysis

IVRCL Infra: Trend Triangle

IVRCL INFRA NSE Stock Chart Technical Analysis:

• IVRCL Infra is traveling within a trend triangle since mid-Feb, as is visible on the chart.  
• Current Close & CMP: 74.15
  
• The price has hit the upper line of the trend triangle today and stopped exactly there.  By the end of month the stock price will make a decision whether it is headed upwards or downards.
• The price has taken support of the 20 DMA
• The current formation is a set of corrective A-B-C Elliott waves and there is a possibility that the price might rise to 84 if it breaks out from above the trend triangle.  Get ready to trade this short-term gain if the opportunity arises. 
• No indication for taking a long-term position on IVRCL yet, trade it only for short-term gains.
  
• IVRCL Infra फरवरी से ट्रेंड त्रिकोण में चल रहा है.  अगर ऊपर की तरफ जाता है तो ८४ तक जा सकता है.  अभी लम्बे समय के लिए इस पर पोसिशन लेने का कोई संकेत नहीं है, तो शोर्ट टर्म के लिए ही त्रदे करें.

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IVRCL INFRA NSE Stock Chart Technical Analysis

Reliance Communcations: Price Channel & Possible Resistance

RELIANCE COMMUNICATIONS Daily NSE Stock Chart Technical Analysis:

• Reliance Communications has risen in a price channel throughout March.
• Current Close & CMP: 104.75
  
• The price channel leads directly into the Ichimoku cloud, and the circle is the expected point of resistance for reliance communications.  Buy only around 118-120, if and when the blue cloud is crossed.
  
• Reliance Communications पूरे मार्च एक प्राइस चैनल में  रहा है जैसा की चार्ट पर दिख रहा है.  जहाँ गोला बनाया है वहां पर रेसिस्टांस मिलने की संभावना है.  तभी खरीदें जब ब्लू बदल को पार कर जाये, करीब ११८ के आस पास. 

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RELIANCE COMMUNICATIONS Daily NSE Stock Chart Technical Analysis

Could Tata Coffee Be Ready For Correction?

TATA COFFEE BSE Weekly Stock Chart Technical Analysis:

Tata Coffee had a wild week with a mega rise in just 4 days.  After this huge 4 day bull run, is this stock ready to make a correction?
I have drawn the possible levels of correction and support if the price starts falling again.  

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TATA COFFEE BSE Weekly Stock Chart Technical Analysis

Shree Renuka Sugars: Holding Support @70

SHREE RENUKA SUGARS Weekly NSE Stock Chart Technical Analysis:


Shree Renuka Sugars closed the week at 71.5.

• We can see that after a few weeks of fall, the bottom of the price has stabilized near 70 since the last 3 weeks.  This level is also very close to its long term support line as seen on the chart. This week ended with a Doji formation.  There is a good chance that this support level will hold and SRS will start rising again.
• However, if NIFTY remains low, this stock too will be affected and break its support.  If support breaks, the lower targets are 63, 52 and 35.
• If NIFTY performs well and SRS rises, the upper targets are 105 and 127.
• Seeing this, the next week or two will be crucial to see which way this stock is headed.  As of now, wait and watch before taking new positions
  
• Shree Renuka Sugars कुछ हफ्तों से गिरने के बाद ७० पर आके टिक गया है और इस से नीचे नहीं गिर रहा है.  सुप्पोर्ट लाइन भी ७० के नज़दीक ही है.  अगर निफ्टी ऊपर रही तो यह शेयर १०५ और १२७ के टार्गेट रखता है.  पर अगर निफ्टी गिरी तो ६३, ५२ और ३५ तक भी जा सकता है.  अगले हफ्ते इसका रुख देखकर फिर ही पोसिशन लें. 

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SHREE RENUKA SUGARS Weekly NSE Stock Chart Technical Analysis
(analyzed for Somnath, Kolkata)

Tata Coffee: Soars Today But Looks Susceptible



TATA COFFEE Daily NSE Stock Chart Technical Analysis:

Tata Coffee had a big rise today, probably was the biggest gainer on the NSE.  It rose from 579 to a Close of 671 on a single day.

• Though this sounds exciting, it is noticable on the chart that price had risen in exactly the same way on 19th January, about 1.5 months ago.  A repetition of the rise in the same exact price range makes me wonder, as it is quite unlikely that an exactly same price rise will repeat. 
• You can also notice that while on 19th Jan 8 Million Tata Coffee were traded, only 4.12 Million were traded today, even then price rose exactly similar. 
• This seems like operator activity rather than real market rise due to investor interest. 
• Moreover, the price has repeated made two tower top formations in succession, and this might be a 3rd one.
• Only if it remains above 765, can this be considered as rising further. 
• So I would wait before running into this rise.  Better safe than sorry.
• Tata Coffee आज ज़ोरदार उछला लेकिन ऐसा ही उछाल १९ जनवरी को आया था, जैसा की आप चार्ट पे देख सकते हैं.  यह थोडा अजीब है, की उसी जगह पर वैसा ही उछाल आया है.  और जबकि १९ जनवरी को ८० लाख शेयर का सौदा हुआ था, आज सिर्फ ४१ लाख शेयर का ही सौदा हुआ है.  जब तक यह शेयर ७६५ के ऊपर जाके वहां पर नहीं टिकता है, में इसे खरीदने से रुकुंगा. 

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TATA COFFEE Daily NSE Stock Chart Technical Analysis

NIFTY: Rises But Still Not Convincing

NIFTY Daily Stock Chart Technical Analysis:

• NIFTY tried to rise back today and closed at 5520. 
• However, this rise is not looking very convincing as a tasuki gap has formed and momentum and volume have also slowed down.
• Wednesday might come with an opportunity to go short.  Wait for market open and see the direction where its headed before taking a decision.   If it goes upwards, wait before taking short positions.
• NIFTY आज थोड़ी ऊपर गयी है लेकिन अभी भी लगता है की गिर सकती है.  कल शोर्ट करने का मौका हो सकता है, ध्यान रखना. 

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NIFTY Daily Stock Chart Technical Analysis



Kinetic Motor: Finds Support @ 22, Could Rise

KINETIC MOTOR Daily NSE Stock Chart Technical Analysis:

• Kinetic Motor seems to have found bottom at 22.  The 13 EMA has also flattened out and the momentum has sustained during this sideways movement.
• Could be an opportunity to purchase if the price rises above 23.50.

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KINETIC MOTOR Daily NSE Stock Chart Technical Analysis

Power Grid: Remains Stuck In Price Channel

POWER GRID Daily BSE Stock Chart Technical Analysis:

• Power Grid continues to remain in its price channel and is under its resistance @ 100.  
• It has support in the 94-95 level.
• Since a few days it is trying to break above 100 but has failed to do so.  
• Refrain from buying unless it goes and stays above 100.
• Power Grid काफी समय से १०० से ऊपर नहीं जा पा रहा है. जब तक १०० के ऊपर न जाये तब तक इसे खरीदने से रुकें.

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POWER GRID Daily BSE Stock Chart Technical Analysis

Spice Jet: Possible Buy Above 44

 

SPICE JET Daily BSE Stock Chart Technical Analysis:

• Spice Jet made a rise and seems headed upwards, after staying sideways for the past couple of days.
• The resistance is at 44, so there is a possible buy above it.
• Considering the involvement of management in a probe, don't remain bullish for too long on this one as any negative news can rip off the price once again.

SPICE JET Daily BSE Stock Chart Technical Analysis

Tata Steel: Trend Triangle and Price Channel

TATA STEEL Daily NSE Stock Chart Technical Analysis:


Tata Steel rose with the overall market today but the rise was half-hearted, there were less number of investors who were interested in this rise.

• Today's rise is unconvincing and I would not take positions in Tata Steel tomorrow morning, and wait for a trend to emerge.  
• Today a marabozu candle is formed but due to lack of overall trading interest in this rise, it doesn't seem sustainable.
• The stock price is traveling within its price channel of 578-701 since 6 months, so a break out in either direction can be enthusiastically traded.
• There is an important trend triangle and the price has attempted to return within it.  This triangle completes at 638, let's see how the stock behaves when it reaches this price point.
  
• Tata Steel आज ऊपर गया लेकिन वोल्यूम कम है इस लिए लगता नहीं है की लम्बे तक जायेगा.  वैसे भी त्रिकोण पड़ रहा है और भाव इसके इर्द गिर्द ही घूम रहा है.  अभी इस में पोसिशन नहीं लेनी चहिये जब तक कोई ट्रेंड सामने नहीं आता है.  अगर ५७८ से नीचे गिरे या ७०१ के ऊपर जाये, तो यह ब्रेक आउट ट्रेड किया जा सकता है.  

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TATA STEEL Daily NSE Stock Chart Technical Analysis

Bajaj Holdings & Investments: Rises to touch resistance

BAJAJ HOLDINGS & INV Daily NSE Stock Chart Technical Analysis:

Bajaj Holdings is showing improvement.  Today it ran into a diagonal resistance and also has entered the Ichimoku cloud zone. So, this is a double resistance point for Bajaj Holdings.

If it breaks above the diagonal resistance, it can be traded but the stoploss has to remain tight until it is able to cross the cloud and is above 825.


BAJAJ HOLDINGS & INV Daily NSE Stock Chart Technical Analysis

Indian Hotel: Price Channel

INDIAN HOTEL Daily BSE Stock Chart Technical Analysis:


Indian Hotel is moving between 77 and 85 since a couple of weeks.  Though the volume is quite low, there might be an opportunity to take a short-term rise up to 84-85 if market overall remains up for a couple of more days.

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INDIAN HOTEL Daily BSE Stock Chart Technical Analysis

NIFTY Post-Budget Day

NIFTY Daily Chart Technical Analysis:

NIFTY had a soaring day.  It defied what the indicators were saying yesterday, but I would still not consider that the market is out of the woods.

It stopped at its diagonal resistance today after a lower volume high jump.  Emotions are flying in the air after the budget, so the market is showing volatility.  By the end of this week the emotions should settle down and NIFTY should show a definite direction.

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NIFTY Daily Chart Technical Analysis

Seamec: Still Underwater

SEAMEC Daily NSE Stock Chart Technical Analysis:

Seamec again fell today and remained below its diagonal resistance.

Close & CMP: 100.4

Market Outlook:

The stock price is below its diagonal resistance but is resting on its support @ 100.  If 100 is broken we could see another big fall.  This looks like a sideways price trend is emerging.

Technical Indicators:

Some inverted hammers in the past few days bounced off below the resistance, showing the strength of the diagonal resistance.  

Today the price stopped exactly at its support @ 100.

So, there is a battle between the bulls and the bears and there is chance that this stock might remain sideways in March.

All previous posts related to Seamec

SEAMEC Daily NSE Stock Chart Technical Analysis

NIFTY on Budget Day

NIFTY Daily Chart Technical Analysis:


NIFTY behaved very erratic on budget day, and after an initial spike, got dumped and returned to close near its open.

Close & CMP: 5333.25

Market Outlook:

• The index showed no interest in rising back and all the indicators are still pointed downwards.
• Might have a slow day tomorrow considering the large movement today.  Also, investors will remain confused over the actual implications of the budget and so might move in either direction.
• निफ्टी आज शुरुआत में उछला लेकिन दिन के अंत में फिर गिर गया.  कल थोडा धीरा दिन जाने की सम्भावना है.  आज का उतार चढाव यह बता रहा है की मार्केट अभी ऊपर जाने के मूड में नहीं लगता है.  

Technical Indicators

• A long legged doji was formed and the day closed with heavy bearish control.
• The market briefly rose above its previous support at 5415 but then fall back again.
• Current support is at 5227.

NIFTY Daily Chart Technical Analysis

NIFTY Slides Below Support

NIFTY Daily Chart Technical Analysis:

NIFTY had a high-speed slide today and broke below its previous support at 5415.

Close & CMP: 5262

Market Outlook:

• The index has fallen with high power today.  It seems like this could fall even further.  Buy any stock with due caution. 
• Support can be expected at 5227 and then at 5110. 
• निफ्टी आज फिर से गिरा है.  और लग नहीं रहा है की वापिस ऊपर जाने का इसका अभी तुरंत कोई इशारा हो.  संभल के खरीदना. 

Technical Indicators:

• A heavily traded day that ended in a bearish Marabozu, and also created an island reversal type of formation. 
• The momentum has just started going downwards and has some distance to travel before it reaches the overbought levels.  
• All this put together is suggesting more fall; maybe its the anticipation to the upcoming budget.

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NIFTY Daily Chart Technical Analysis

Reliance Communications: Important Triangle Tomorrow

RELIANCE COMM Daily NSE Stock Chart Technical Analysis:

Reliance Communications made a slight movement today, but nothing worth noticing.

Close & CMP: 95.05

Market Outlook:

• Buy if it closes above 96 or crosses 96 intraday with good volume on 23 Feb.  
• The level at 91 is serving as support.  

Technical Indicators:

• An inverted hammer-like formation occurred today.  Tomorrow the triangle gets completed so the stock should make some interesting movement.
• There is a sideways movement after a big fall (triggered by the probe news on ADAG).  
• There is also a steep diagonal resistance.  Breaking this resistance with good volume might trigger this stock price upwards and make it buy-worthy.  
• Going below 90 is further bad luck for RComm investors. 
• The way this stock has sustained the level at 90, let's hope for good news.

All posts related to Reliance Communications

RELIANCE COMM Daily NSE Stock Chart Technical Analysis

Reliance Industries: Jumps Up But Squats by Day End

RELIANCE INDUSTRIES Daily NSE Stock Chart Technical Analysis:


Reliance Industries jumped up today following the news about its tie-up with BP.   However, the price rise has failed to impress as the day ended with a negative candlestick formation.

Close & CMP: 985

Market Outlook:

• The price jumped up but then fell during the day.  Doesn't seem like the price will be able to break above the diagonal resistance.  
• Don't buy unless it comfortably goes above 1024.
• Reliance Industries आज शुरुआत में उछला पर बाद में अपने रेसिस्टांस लाइन के पास तक पहुँच कर वापिस गिर गया.  जब तक १०२४ के ऊपर नहीं जाता तब तक खरीदना नहीं चाहिए.

Technical Indicators:

• The price made a shooting star candlestick pattern with extremely high trading volume and a gap-up opening, and returned from near its long term diagonal resistance line.  Not a pretty picture!

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RELIANCE INDUSTRIES Daily NSE Stock Chart Technical Analysis

Reliance Communications: What's Next?

RELIANCE COMM Daily NSE Stock Chart Technical Analysis:

Reliance showed a fall today but overall continued the sideways movement it has displayed since the past 7 days.

Close & CMP: 93.15

Market Outlook:

• It seems like the price has found a bottom at Rs 90.  
• If 90 is broken, the next support is in the range of 81-84.
• भाव आज फिर गिरा लेकिन ९० के सुप्पोर्ट के नीचे नहीं गया.  ८ दिन से रिलायंस कोम्युनिकेशन ९० पर सुप्पोर्ट ले रहा है.  अगर इस से नीचे गया तो अगला सुप्पोर्ट ८१-८४ के बीच में मिलेगा. 

Technical Indicators:

• Heavy trading in a sideways price movement with oversold indications, and a bearish engulfing pattern today. Tweezers candlestick formations have occurred since 8 days showing the good support that Rs 90 price level is providing.  The MACD histogram has shown an upward movement in the past week, which is a positive aspect that denotes that the bulls are not totally out of power.However, there is a probability this might be breached if NIFTY continues to fall.  

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RELIANCE COMM Daily NSE Stock Chart Technical Analysis

Fedders Lloyds Corp: Falls Back Below Resistance

FEDDERS LLOYDS CORP. Daily NSE Stock Chart Technical Analysis:


FLC fell again today and closed at 77.65

Market Outlook:

• The price now seems headed downwards, should find support at 73.
• भाव फिर से गिर रहा है और रेसिस्टांस के नीचे चला गया है, अब ७३ पर सुप्पोर्ट मिलना चाहिए 

Technical Indicators:

• The price has fallen back below its diagonal resistance with a bearish engulfing candlestick pattern and the indicators are saying that it might not be possible for the price to climb above this diagonal resistance anytime soon.  Somewhere in the first week of March '11, the price will face a decision point at Rs. 74 if the price remains in the current triangular price range until then.

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FEDDERS LLOYDS CORP. Daily NSE Stock Chart Technical Analysis

Power Grid: Continues in Price Channel

POWER GRID Daily BSE Stock Chart Technical Analyst:

Power Grid had a slight fall today, but over all has continued remaining in the range of 94-100.

Check the previous post about Power Grid, trade strategy remains the same.

POWER GRID Daily BSE Stock Chart Technical Analyst 

NIFTY: Didn't Break Resistance

NIFTY Daily Chart Technical Analysis:

NIFTY today had a fall again.  I was expecting this to happen next week but it happened a day sooner.

Close & CMP: 5459

Market Outlook:

The index reversed today after 5 days of rise.  

Technical Indicators:

The momentum showed a slow down today as compared to the previous days and a bearish engulfing candlestick pattern was formed.  Both negative signal.  But the weekly chart momentum has recently shown a rise which is a conflicting signal.  Let's wait a day or two for the final decision on which way this is headed.

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NIFTY Daily Chart Technical Analysis

Spice Jet: In a Price Channel

SPICE JET Daily BSE Stock Chart Technical Analysis:

Spice Jet lost some value again and lost some of the value it had gained a couple of days ago.

Close and CMP: 47.3

Market Outlook:

• The price hit its resistance at 49.50 and fell back.  As visible, the price is stuck in a price channel since 7th Feb '10 and is moving between 49.50 on the upper side and 44 on the lower side.  
• Refrain from trading as of now, until it comfortably goes above 49.50.
• Spice Jet ४९.५० और ४४ के बीच में चल रहा है.  अभी के हिसाब से ४९.५० के ऊपर ही यह शेयर लेना चाहिए. 

Technical Indicators:

• The price formed an evening star candlestick pattern today, and though the momentum has started moving up, the weekly MACD is looking negative and the trading is also lower.  Overall a bag of mixed signals with more negatives.  

All posts related to Spice Jet 

SPICE JET Daily BSE Stock Chart Technical Analysis

NIFTY: Might Hit Resistance Soon

NIFTY Daily Chart Technical Analysis:

NIFTY made a rise today, continuing a positive week for the stock market.

Close & CMP: 5546

Market Outlook:

• NIFTY might remain sideways tomorrow, and Monday-Tuesday could see a big movement in either downward or upward direction, with a higher probability of downwards.
• निफ्टी कल शांत रहना चहिये, और सोमवार या मंगलवार को गति दिखा सकता है.  ज्यादा सम्भावना है की तब फिर नीचे की और जायेगा.

Technical Indicators:

• The market showed good recovery today but the momentum is rising very fast and could soon hit upside and tumble back. 
• 5627 is the resistance and 5415 is the support for NIFTY.
• Closing above 5627 is a very positive sign.

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NIFTY Daily Chart Technical Analysis

BF Utilities: Bouncing Upward From Support Line

BF UTILITIES Daily NSE Stock Chart Technical Analysis:

BF Utilities showed recovery after touching its support line at 686 and another diagonal support line.

Close & CMP: 714

Market Outlook:

• 686 is the long-term support for BF Utilities, and the price has managed to remain above 686.
• Good opportunity to buy with stoploss below 646.  And a possible sell around 850-900. (If NIFTY underperforms, then sell sooner!)
• If the price falls and remains below 686 for a few sessions, it'll be a good opportunity to short.
• BF Utilities अपनी सुप्पोर्ट लाइन को छूकर वापिस ऊपर की ओर चल दिया है.  ६८६ इस शेयर का पुराना सुप्पोर्ट है.  अगर निफ्टी सही रहा तो बी ऍफ़ यूटीलीटीज़ को खरीदा जा सकता है, और ८५०-९०० के आस पास बेचा जा सकता है. पर अगर निफ्टी नीचे की तरफ घूम गयी तो जल्दी बेच देना चहिये.  और अगर ६८६ के नीचे गिरता है तो शोर्ट फ्यूचर में इन्वेस्ट किया जा सकता है.

Technical Indicators:

• The price has moved within a channel of 686-957 since a long time and the price bounced upwards after hitting its support at 686.  The trading volume is good and the momentum is also showing upwards.

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BF UTILITIES Daily NSE Stock Chart Technical Analysis

Spice Jet: Showing Support at 44

SPICE JET Daily NSE Stock Chart Technical Analysis:

Spice Jet investors finally found some relief as the stock price seemed to hit bottom and started moving upwards.

Close & CMP: 46.4

Market Outlook:

• The price seems to be rising after a steep fall.  The recent fall was due to the allegation of Maran's involvement in a scam (not related to the airline industry though).
• The worst seems to be over for SpiceJet's stock, but nothing can be said yet.  I would still wait for allegations to subside to take any long term view.  
• Current support is (short below) 44 and resistance is (buy above) 49.50 with a short term exit.
• Day trader: Can be bought around 46-47.  Sell when it reaches 49.50 (if the price is moving upwards fast and goes above 49.50, you might hold on longer)

Technical Indicators: 

The price was falling consistently and formed a doji candlestick at its support @ 44 and then returned upwards with good level of market interest in the stock and strong liquidation of shorts by the bears.  Overall a recovery sign, but not whether this recovery will be long-lived.

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SPICE JET Daily NSE Stock Chart Technical Analysis

BF Utilities: Sideways Movement

BF UTILITIES Daily NSE Stock Chart Technical Analysis:

BF Utilities fell again today, after hitting the short-term resistance at 900.

Close & CMP: 841.35

Market Outlook:

• Yesterday, the price had risen as an important court verdict cleared the way for a new project, but seems like today the market still chose to not respond positively.
• The stock price fell today after hitting 900, so 900 has emerged as a strong resistance for the time being.
• Can be viewed positively only if it breaks both 900 and 957.
• BF Utilities ९०० को छू कर गिर गया, जबकि कल इस कंपनी को फायदेकारक कोर्ट फैसला मिला था.  

Technical Indicators:

• The price is in a range of 957-686 since a long time, with some exceptions.
• A bearish counterattack candlestick formed today.
• There was a sudden surge in interest, but in making this stock price fall.
• The operators are playing this one heavily, expect further volatility in BF Util, could be a good one for day traders to make short term trades.

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BF UTILITIES Daily NSE Stock Chart Technical Analysis

NIFTY: Still Sideways

NIFTY Daily Chart Technical Analysis:

NIFTY had another big fall today, but in fact it was just another sideways movement with a slightly lower close.

Close & CMP: 5396

Market Outlook:

• The price made a sharp U-turn today and showed its bearish intentions, after attempting a recovery yesterday.
• NIFTY has remained above 5350, below which things start getting dangerous and another big fall could be expected.
• NIFTY ने गिरना जारी रखा. बेर्स ने मार्केट पर अपना कण्ट्रोल जमा रखा है. ५३५० महत्त्वपूर्ण सप्पोर्ट है. 

Technical Indicators:

• Yet another bearish engulfing pattern occurred today.
• The move was strong considering the range and volume.
• Currently, market is sideways and resting on an important support line.

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NIFTY Daily Chart Technical Analysis

Power Grid: In A Price Channel

Power Grid BSE Chart: Price Channels

POWER GRID Daily BSE Stock Chart Technical Analysis:


Power Grid is moving within a price channel and currently fell after hitting resistance today.

Close & CMP: 97.35

Market Outlook:

• The price is moving within a channel : 94 to 100
• Buy when it closes above 100, short when it closes below 94
• Power Grid ९४ - १०० के पेटे में चल रहा है. इसके ऊपर नीचे इसे खरीदा बेचा जा सकता है.

Technical Indicators:

• The price formed a shooting star candlestick today.
• Resistance at 100 is proving to be strong.
• What is noticeable is, this price channel includes the Power Grid FPO price range as well.  
• If price falls below 94, support is available at 89-90.

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POWER GRID Daily BSE Stock Chart Technical Analysis

Seamec: Underwater

SEAMEC Daily NSE Stock Chart Technical Analysis:

Seamec has continued to fall since Nov 2009.  The value has less than halved since that time.

Close & CMP: 109.65

Market Outlook:

• The stock price fell below its long term diagonal support line and this line is now acting as resistance.  Currently, the resistance is at 110.
• If the price falls further, there can be some expected support at 100.
• Seamec का भाव नवम्बर २००९ से लगातार गिर रहा है.  एक और सुप्पोर्ट लाइन को भी तोड़ दिया है और नीचे गिर गया है.  अब इससे ११० पर रेसिस्टांस है, और १०० पर सुप्पोर्ट है.

Technical Indicators:

• The price tried to make a U-turn today but hit its resistance and remained below.
• The price has recently fallen below a long-term support line which is now acting as resistance.
• Overall NIFTY is also falling, so no stock has as it is been able to sustain.
• Climbing and staying above 113 will be a good sign.

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SEAMEC Daily NSE Stock Chart Technical Analysis