Neyveli Lignite: Near Support, Hoping It Will Sustain

2 year view of Neyveli Lignite's stock chart

Neyveli Lignite Daily NSE Stock Chart Technical Analysis:

Neyveli Lignite fell again today but remained sideways overall.

Close & CMP: 120.75

Market Outlook:

• An upward correction is possible soon, unless the price closes below 118.
• If it makes an upward move, there might be a chance to make short term gains by going long.
• Otherwise personally, I wouldn't be bullish on this stock as of now.

Technical Indicators:

• The market has started moving sideways since it reached its support level and the trading volume has also fallen much below average.
• The stock price is deeply oversold.
• The monthly chart is showing a tower top formation, which is a strong negative signal for Neyveli Lignite in 2011.  However, both the monthly and weekly charts are showing an oversold price level in the momentum.  This is a slightly confusing signal, and the real picture will only emerge in a week or two. 
• Watch out for breakouts below 118, it could be dangerous.

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Neyveli Lignite Daily NSE Stock Chart Technical Analysis

(analysed for M R, Puducherry)

NIFTY: Tomorrow's Resistance & Support

NIFTY Daily Chart Technical Analysis:

NIFTY fell again today after showing a rise yesterday.  

Close & CMP: 5691

Market Outlook:

• It seems like NIFTY is about to do something big in either direction.  Be prepared to go long or short when it does so.
• Going above 5765 is a good sign, and falling below 5627 is a negative signal.

Technical Indicators:

• The index made a bearish dark cloud cover candlestick pattern today.
• There was increased purchase as the price fell to its intraday low.
• The current support level is at 5627.  If this support is broken, the next support is only available at 5475-5500 levels.

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NIFTY Daily Chart Technical Analysis