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

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)

Canara Bank making Tower Top ?

Canara bank has been rising well over the last few months.  It is a good prospect for swing trading along the 50 day moving average support line.

It rose with 3 advancing soldier pattern starting 21st Oct 2010.  But after that, it consolidated for a couple of days and has formed a long black candle today.  The volume is also high.  Other indicators are also showing possibility of fall.

Is a tower top forming here?  This is a good time to wait and watch this stock.  A tower formation is bad sign!