Fedders Lloyds Corp: Moving Sideways

FEDDERS LLYODS CORP Daily NSE Stock Chart Technical Analysis:

FLC made a slight rise today.  But it could simply be a correction.

Close & CMP: 77.85

Market Outlook:

• FLC has been falling since Nov 2010.  Right now it has found a support level at 73.  
• The price should rise to 82.  If it is able to rise and stay above 82, that is a good sign for this stock.
• If it falls below 72.50, that is a bad sign as there is important diagonal support line at this level.  Falling below 69 will be dangerous.
• Fedders Lloyd's Corp का भाव  नवम्बर २०१० से गिर रहा है.  इस का भाव ८२ के ऊपर गया तो यह अच्छी निशानी है.  पर ७२.५० से नीचे जाना बुरा है.  और ६९ से नीचे गिरना खतरनाक हो सकता है.

Technical Indicators:

• There was a gap-up today but a spinning top formation was generated, showing an indecisive market inspite of gap up.
• The momentum is upwards and so there is a good chance this stock will rise further.  Going above 82 and staying above it can mean a recovery.  
• 72.50 and 69 are important support levels below which another free fall could occur.

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FEDDERS LLYODS CORP Daily NSE Stock Chart Technical Analysis

(analyzed for Parvesh, Nagpur)

Granules India: Finally Showing Hope

GRANULES INDIA Daily NSE Stock Chart Technical Analysis:

Granules India continued its upward journey for the 5th trading session today, which is a good sign in this otherwise falling market.

Close & CMP: 93.60

Market Outlook:

• Granules India has crossed over its resistance today, which was at 93.  This is a very positive signal and if it remains above 93 for the next day or two, it might give a buy signal.

Technical Indicators:

• After falling below the support, the price came back above its support today.  This is a positive indicator.
• The volume for today is also good compared to the past few trading sessions.
• The price made a spinning top candlestick today.  This is the only point of concern in an otherwise positive looking chart.  The spinning top on such a day means the bears are not inactive on Granules India yet, and there could be an attempt to pull the stock price down again.
• The next couple of days should give us a final idea of where GI is headed, and if we should take a long position on it.

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GRANULES INDIA Daily NSE Stock Chart Technical Analysis

SBI on Support Line @2574

STATE BANK OF INDIA Daily NSE Stock Chart Technical Analysis:


SBI began its fall in early November 2010, and has been continuously falling since (except for a small correction a few days back).

Close & CMP: 2600

Market Outlook:

• The price broke through 2 levels of support since the beginning of 2011.
• The price has found support at 2574.
• Next week, it seems like the price will go up again or remain sideways, after reaching this support level.
• But overall, I am not bullish on SBI anymore for the coming few weeks.

Technical Indicators:

• Today the price movement formed a spinning top candlestick and also made an intraday low on its support line.  Both of these indicate that this support is showing strength and could prevent further downfall of the SBI stock price.
• The price made 2 bearish breakouts in the last 4 days.  The price fell through its one-year old diagonal support line.
• The stock is deeply underbought, indicating that there could be a rise or atleast the further fall could be stopped for a few days.
• Only if the price goes above 2770, one can look at SBI positively again for purchase.

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STATE BANK OF INDIA Daily NSE Stock Chart Technical Analysis

ABB: Opportunity to go short

ABB Daily NSE Stock Chart Technical Analysis:

The price remained range-bound today and ABB closed at 804.

Market Outlook:

• This looks like a shorting opportunity with a targets of 775 and 760, and stop-loss near 820.

Technical Indicators:

• There is a Doji candlestick followed by a Spinning Top, and the price has just tested and failed to break through its resistance.  Moreover, today's candlestick is completely contained within yesterday's range.
• The trading volume has also dropped back significantly.
• All signs, that ABB has failed to climb above its resistance and is now falling again.

ABB Daily NSE Stock Chart Technical Analysis:

Dabur Weekly: 1-5 Nov 10: Support @ Rs 96

DABUR INDIA Weekly NSE Stock Chart Technical Analysis:

Dabur India closed the week with a spinning top candlestick.  Trading was at one of its lowest in the past 4 months.

The week closed at Rs. 100.10 (This chart only shows updation upto 4th Nov 2010 which closed at Rs. 99.6).

Market Outlook:  

• The price has good support at Rs. 96.  By end of next week, this should be achieved and the price will bounce back from here.  
• If the price goes below Rs 96 and stays below for some days, it could be difficult for the price to return up again for some more time.  
• Don't buy unless the price bounces back from Rs 96, and buy if it bounces off Rs. 96 and starts rising again.

Technical Indicators:

• Fibonacci 78.6% and a 1-year old support line merge at Rs. 96, making it a very important support line for the price which has otherwise been falling since late September.  Once the price regains its uprise after reaching Rs 96, its a good time to buy the stock.  
• If the price falls below Rs 96, the next support can only be found at Rs. 82 price levels. 
• A shoulder and a head have formed at Rs 110 and Rs. 113.  Is there a head and shoulders in the making?  If the price falls to 96, rises back to 110 and falls back again and goes below 96, jump out of the Dabur ship for the time being, or go short to make money.

News:

• Dabur completed a buyout of  Turkey`s Hobi Kozmetik Group last month, and will use this platform for a global launch into Turkey and surrounding European and Middle Eastern Countries. 
• The earnings have increased 10% over the same quarter in last year, which is modest and not attractive considering inflation and increase in consumer demand.  International acquisitions might add flavor to the company in the long run but for now there is no glamor in its quarterly results.

DABUR INDIA Weekly NSE Stock Chart Technical Analysis:

Suzlon: Indecisive & Weak for the time being

SUZLON ENERGY Daily NSE Stock Chart Technical Analysis:

Suzlon Energy is moving sideways and the market is wondering what to do with this stock in the near future.

The price opened at Rs 57.4 and closed at Rs 57.75 after moving up and down the entire day.

Market Outlook:  The price will move sideways and remain between 59 and 56.5.  

Technical Indicators:

• Resistance is at Rs 59 and support is at Rs 56.5 and then at Rs 55.  Both these price levels are important to watch.  If and when the market breaks 55 with high trading, there is a short-term opportunity to go short.  The opportunity to go long seems unlikely in near future.
• The price had taken support of its 100 day moving average in the previous low swing.  The price is facing resistance at its 20 day moving average, both shown on the chart as red and blue lines.

News:

• Suzlon is planning to go big in China next year.  This might be positive for the company.  Suzlon is currently facing some litigation on land acquisition issue which can generate bad press for the company.
• The company board has agreed to raise Rs 5000 crores via the share market, so keep an eye on this stock as there could be an opportunity to go long in 2011.  For now, nothing immediate and good is on the cards.

(Suzlon Energy analysis requested by Jaikrishna, Ranchi)

ICICI Bank Faces Resistance at 1241

ICICI Bank Daily NSE Stock Chart Technical Analysis:

ICICI walked sideways today after a big gap-up yesterday.  

The market made a double top at today's high near 1246.7.  This is also the same level where the stock faced consolidation and made double tops just before the 2008 recession began.

Market Outlook:  Breaking above 1250 will be a landmark for ICICI Bank, there is high resistance to breaking this level.  

Tomorrow will be another sideways day, unless there is some sudden effect of the bank repo rate announcement by the RBI, in which case the rate will fall and find support at between 1170 and 1185.

If the price does not fall tomorrow, it'll fall the day after.

Technical Indicators:

Spinning Top candlestick portrays indecisiveness in the market.  People are waiting for something to happen.

The price is sailing well into the oversold levels.

Reliance Ind Weekly: 25-29 Oct'10: Spinning Top Candlestick

Reliance Industries Weekly Stock Chart Technical Analysis:

Reliance Industries weekly stock chart on NSE has ended with a Spinning Top.  This shows an indecisive market where neither the buyers or the sellers are willing to take control.  

The week opened at 1088 and closed at 1096.25, with intraweek high and low of 1110 and 1076.4.  This shows low stock volatility even though the interest in the stock has been good.

Outlook for next week:  The market is expected to move sideways with more volatility than this week.

Technical Indicators:

The moving averages of 20, 50 and 100 weeks have converged. The 20 week average has crossed the 50 and 100 week averages from below.  A big move can be expected soon, hopefully positive, though it does not seem likely in this week.

The stock is flying through the oversold levels already and the blue line has formed an angle to touch the red line already.  This means the price could slow down this week.

RIL Q2 results have been announced with mixed reception.  Some believe they are in tune with expectation and others believe they are lower than expectation.  This means a volatile but indecisive week lies ahead.

SBI Weekly: 25 to 29 Oct 2010: Fat Bearish Spinning Top Candlestick

The week for the SBI stock on NSE ended with an indecisive bearish candlestick.  The candle looks similar to a bearish spinning top, though not exactly fitting into the description.

There is also the formation of a long term price channel and the SBI stock price on NSE hit the resistance formed by this and slowly retracted all of October 2010.

Other indicators have also turned bearish.

Seems like another bearish week ahead for SBI.  Hopefully the market will break its indecisiveness soon and a new trend will emerge. I'll keep you updated on the same.