SBI: Facing Resistance @ 200 DMA

SBI Daily NSE Stock Chart Technical Analysis:


SBI did a gap-up on 24th and remained rangebound on 25th.  The stock price has faced resistance from the 200 DMA on both these days.

Close & CMP: 2678

Market Outlook:

• The price has been in an overall bear run since November '10.  The announcement of the quarterly results on 24th Jan '11 led to a gap-up opening and rally.  However this seemed unsustainable on 25th.  Don't buy this stock yet, there may be further downside possible.
• २४ जनुअरी को रिजल्ट आने के कारण एस बी आई के भाव में काफी उछाल आया था, लेकिन २५ को फिर से भाव धीमा पड़ गया था.  अभी इस स्टॉक को न खरीदें, २-३ दिन रुक कर देखें, क्यूंकि यह अभी और नीचे भी जा सकता है.

Technical Indicators:

• The price has run into resistance from the 200 DMA at Rs 2694.  The price is trading under its 200 DMA after an entire year.
• Though there was a gap-up on 24th, it seems doubtful if that will be the beginning of a bull run.  Only if the price closes above the 200 DMA for the next couple of trading sessions and the force shows strength, we can think of it as an oncoming upswing.

SBI Daily NSE Stock Chart Technical Analysis

SBI Rising: Gap-Up: How far will it go?

SBI Daily NSE Stock Chart Technical Analysis:

State Bank of India stock price on NSE jumped and opened gap up.  It ran crazy throughout the day in only one direction - upwards.

The price opened at Rs 3298 and closed at Rs 3433.45, a big jump.

I'd gone long on 25th Oct 2010 at Rs 3220, based on my analysis of 22nd Oct 2010.  This has paid off well, even though it seemed for a moment that my stop at Rs. 3065 will get hit.  But it didn't, and I'm enjoying this bull run thoroughly and waiting for a sell signal to encash my profit!

Market Outlook:  The price will climb up tomorrow as well, but not more than 30 points, and will close below 3465.  After that, the market will go sideways and bounce off the price channel support.

How far will this bull run go? If all other variables remain the same, this will last for about 3-4 more months.

Technical Indicators:

Big gap up and bull run through out the day, a Marabozu candlestick.

Price is moving in a channel as visible on the chart.

Unitech Lines of Support & Resistance

UNITECH Daily NSE Stock Chart Technical Analysis:

Unitech gapped-up today with the overall market trend. 

Market Outlook:  The sudden gap up does not seem sustainable and cannot be considered reversal in trend as of yet.

Based on Tuesday's market, there might be a buy signal, I'll try and update the call tomorrow.

Technical Indicators:

• There are long term lines of support and resistance on Unitech.  Currently, the price will face resistance around Rs 92 and support near Rs 81.

• If it breaks any of these levels for more than 3 consecutive days, it can be considered that the price will remain in the new price channel for some more time.

(Analysis requested by Rajesh, Raipur)

NIFTY Gap-Up Today

S&P CNX NIFTY Daily Stock Chart Technical Analysis:

NIFTY created a gap-up today.

The index opened at 6092.3, a gap-up of a whopping 74.6 points!  The trend triangle that was discussed in Friday's post was completely ignored by the NIFTY today.  It jumped above both trend lines and closed at 6117.55.

Market Outlook:  Today's market jump might not remain sustainable unless the index rises tomorrow as well and the trading volume increases.  Don't go bonkers and jump into the market thinking this is a bullish trend, there is no confirmation yet.

Technical Indicators: 

• The index has taken support of the Fibonacci 78.6% after twice taking support from the 61.8% level.
  
• The only point of concern today is that the total volume traded was not only lower than the past 4 days when NIFTY was in a free wheelie downfall, but also lower than the past entire two months of Sep and Oct '10.  This is significant to note because though the market jumped up like a gymnast on a mat, it traded much lower than the average.

Bajaj Auto Buy Signal - Price begins another short term upswing

As exptected in yesterday's post, Bajaj Auto went back up again after reaching its 50 day moving average today.  The market opened gap up and ended up at 1510.95.

The volume is average, other technical analysis indicators are looking up.  This means the stock is about to make another short term upswing.  

Go long on Monday market opening.  There is no target, but put a stop at 1462.  Sell when the stochastics blue line crosses the red line, or the RSI starts falling back (preferably when RSI is falling back from above the oversold level of 70%).  The small swing should last 4-7 days, as is seen in the recent past.  Keep a watch on these indicators daily if you go long on Bajaj Auto on NSE on Monday market opening.

Yes Bank Gap-Up Opening

Yes bank has created Gap up on 22 Oct 2010.  The volume has also been increasing.

But I'll wait and see if this is a continuation or reversal gap-up.  

Keep an eye on this stock.

Kinetic Motors Could Rise Again

Kinetic Motors stock on NSE is all set to rise again after a small correction. 

We can see a Bullish Dark Cloud Cover Candlestick on 21 Oct 2010.

On 22 Oct 2010, the market opened gap-up and there is a Dragonfly Doji Candlestick.

Moreover, today is accompanied with good rise in volume as well.  The other indicators are also positive.

I am willing to go long on 24 Oct 2010 market opening if it opens higher, which seems very likely.

Indraprastha Gas is rising as predicted, and trying to go back to its line of support which was breached in September.   The other indicators predict a move soon, and this could be upwards.  I will continue remaining in a long position but will not add any new position yet.

Today was almost a gap-up with good volume support.  A belt hold reversal has also happened in this week. Good signs, all.

Chart Sources: www.moneycontrol.com, in.reuters.com

IDBI Gap up Opening

IDBI broke its double top of 164.5 yesterday, and opened gap up today.  The volume is higher than all of October except yesterday.

Seems positive, a good gap up candlestick and high volume and breaking of double top, but no other indicators are giving an entry signal yet so will wait before entering.

Chart Source: www.moneycontrol.in