Reliance Communications: Upward Journey Begins

RELIANCE COMMUNICATIONS Daily NSE Stock Chart Technical Analysis:

Reliance Communications rose today and climbed back above its support line.

Close & CMP: 133.4

Market Outlook:

• The price seems to be headed upwards again.  There is an opportunity to buy.

Technical Indicators:

• A marabozu candle formed today
• The price climbed back above its support line at 132.50.
• A lot of people participated in rallying the price above its support line, almost twice as much trading happened today as compared to yesterday.
• The price is deeply oversold.
• There was a gap-down 4 days ago.  This seems like an exhaustion gap and the price could be ready to move up again.
• Rising above 137.5 will be a good signal.

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RELIANCE COMMUNICATIONS Daily NSE Stock Chart Technical Analysis

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