Persistent Systems: Facing Resistance

PERSISTENT SYSTEMS Weekly NSE Stock Chart Technical Analysis:
(This is a weekly chart, each bar/candlestick represents one week of activity)


Persistent Systems is a 2010 IPO which started trading on 6 Apr 2010.  After an initial uprise, the price fell between July-Nov, and it has started clawing upwards again since the last 1.5 months.

Current close and CMP:  430

Market Outlook:

• The price is facing stiff resistance at 439.  Unless it breaks upwards from this price level, it will turn bearish again.
• Buy only above 439.
• If holding this stock, put your stoploss just below 423.

Technical Indicators:

• There is a diagonal line of resistance and the price has stopped rising last week after touching this line.
• The current resistance also co-incides with the 50% Fibonacci level.
• The last week ended with a Shooting Star candlestick pattern
• This is a double resistance at 439.  If the price breaks above 439, it will shoot upwards like a bullet.  But if it falls below 423, it will began another downward swing.

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PERSISTENT SYSTEMS Weekly NSE Stock Chart Technical Analysis

Thangamayil Jewellery: Negative Signals

THANGAMAYIL JEWELLERY Weekly NSE Stock Chart Technical Analysis:

(This is a weekly chart, so each bar/candlestick represents 1 week of activity)

Thangamayil Jewellery is a 2010 IPO which started trading on 19th February 2010.  It enjoyed a bullish run for the first 6 months.  Since then, for the last 5 months, it has been moving sideways.

Market Outlook:

• The price seems to have stagnated, and unless it breaks above 190, there is no chance it will revive its bull run.  For now, there is a high chance that this price will start moving downwards soon.
• The levels of support are 159 and 149 respectively.
• Don't enter this stock right now, and get ready to sell your existing Thangamayil if the price continues downwards.
• If Price Falling below 159 --> exit any long positions.  
• If Price Falling below 149--> Take short positions and enjoy the bear run.

Technical Indicators:

• A pattern resembling the head and shoulders has emerged.  It cant be exactly called HnS pattern but has a close resemblance.
• The price has fallen below its long term diagonal support line today

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THANGAMAYIL JEWELLERY Weekly NSE Stock Chart Technical Analysis