BF Utilities: Beware of this sudden rise

BF UTILITIES Daily NSE Stock Chart Technical Analysis:

BF Utilities jumped up for the 2nd successive day and was heavily traded on the stock exchange

Open:  873      Intraday High:  988     Close / CMP: 906

Market Outlook:

• The price closed well above yesterday
• But I'm skeptical that this rally will last.
• Don't buy BF Utilities yet, don't rush, wait.
• The price still needs to break resistance to prove that it is indeed going upwards.

Technical Indicators:

• This jump in price has been due to announcement by the company to get new capital worth Rs. 5 billion via FDI.  
• A shooting star candlestick has formed today.  
• Though the stock was heavily traded, there was more selling than buying.
• There is long term resistance line passing through at 1010, and the price has still to break through that one.
• All indicators are pointing at the fact that there is a chance that this price jump might not sustain.  We'll wait and watch before making a move on BF Utilities.

All previous posts about BF Utilities

BF UTILITIES Daily NSE Stock Chart Technical Analysis

Lakshmi Energy and Foods: Stuck in a price range

LAKSHMI ENERGY & FOODS Daily NSE Stock Chart Technical Analysis:

The price closed at 70.55 and lost the rally it made in the initial part of the day.

Market Outlook:

• The price is facing stiff resistance at 73.  It is looking difficult that the price will break this level.  
• Go long (buy) on a close above 73.
• The price has support at 69.  
• 69-73 is a short range and so we should be able to see a breakout soon.

Technical Indicators:

• The price made a tombstone doji - type candlestick today.
• The intraday high of this candlestick tested the resistance and then just fell back powerless.
• The trading quantity of the stock has fallen back to below average.
• The price is trading in a small range of 69-73.
• No trading signal today, wait before taking a position on Lakshmi E&F.

LAKSHMI ENERGY & FOODS Daily NSE Stock Chart Technical Analysis