Bilcare Rising

BILCARE Daily BSE Stock Chart Technical Analysis:

Bilcare rose today, Opening at 674.95, Close & CMP at 686.25.

Market Outlook: 

• The price seems to be rising again.  It should go atleast up to Rs 720 -725 levels.
• If it crosses Rs 753, this could be very positive for a further rise.

Technical Indicators.

• The price has made two negative trend breakouts in just one month's time.  A long term support line is helping the price from falling any further. 
• A morning star lookalike pattern has formed today, this could be a positive signal for price rise after a week-long fall until yesterday. 
• Tomorrow could be a crucial day as the market could fall significantly due to LIC and Central Bank loan scams, and prevent the positive rise in Bilcare.  If Bilcare doesn't rise tomorrow due to this reason, then it makes this stock all the more buyable, and we should enter when it starts rising again.

BILCARE Daily BSE Stock Chart Technical Analysis


(Analyzed for Prakash, Vidisha)

SBI forms Morning Star

I was short on SBI at 3200 with a target of 3050.  

But the stock has formed a morning star on 21 Oct 2010 which is a bullish reversal pattern.  Today, chart shows a doji.  If the market opens up tomorrow and trades with good volume for part of the day, I'll liquidate my short position and not wait for my stop to get hit.

Chart Source: in.reuters.com

Sensex & NIFTY Create Morning Star Patterns

Sensex (left chart) and Nifty (right chart) have created a morning star pattern each before the end of the last week.

The other indicators are also showing probability of a rise.

The markets should rise in the coming week 25-29 Oct 2010.

Indraprastha Gas Rises after Morning Star

Indraprastha Gas stock on NSE has risen after the morning star formation in early October 2010 as predicted.

Even though the market shows a minor correction on End of Week 15-Oct, and might fall further for a short while, I believe the market will rise again and I'll remain in a long position, and that the market will try and regain its closeness to the original line of support. 

Chart Source: www.moneycontrol.com

Indraprastha Gas breaches 3-month support line

Market has broken its 3 month trendline in September , is now sideways.

Morning star pattern has formed recently, and stochastics are also medium.  The stock could rise again and continue upward movement.