Reliance Industries: Jumps Up But Squats by Day End

RELIANCE INDUSTRIES Daily NSE Stock Chart Technical Analysis:


Reliance Industries jumped up today following the news about its tie-up with BP.   However, the price rise has failed to impress as the day ended with a negative candlestick formation.

Close & CMP: 985

Market Outlook:

• The price jumped up but then fell during the day.  Doesn't seem like the price will be able to break above the diagonal resistance.  
• Don't buy unless it comfortably goes above 1024.
• Reliance Industries आज शुरुआत में उछला पर बाद में अपने रेसिस्टांस लाइन के पास तक पहुँच कर वापिस गिर गया.  जब तक १०२४ के ऊपर नहीं जाता तब तक खरीदना नहीं चाहिए.

Technical Indicators:

• The price made a shooting star candlestick pattern with extremely high trading volume and a gap-up opening, and returned from near its long term diagonal resistance line.  Not a pretty picture!

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RELIANCE INDUSTRIES Daily NSE Stock Chart Technical Analysis

Power Grid: In A Price Channel

Power Grid BSE Chart: Price Channels

POWER GRID Daily BSE Stock Chart Technical Analysis:


Power Grid is moving within a price channel and currently fell after hitting resistance today.

Close & CMP: 97.35

Market Outlook:

• The price is moving within a channel : 94 to 100
• Buy when it closes above 100, short when it closes below 94
• Power Grid ९४ - १०० के पेटे में चल रहा है. इसके ऊपर नीचे इसे खरीदा बेचा जा सकता है.

Technical Indicators:

• The price formed a shooting star candlestick today.
• Resistance at 100 is proving to be strong.
• What is noticeable is, this price channel includes the Power Grid FPO price range as well.  
• If price falls below 94, support is available at 89-90.

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POWER GRID Daily BSE Stock Chart Technical Analysis

Persistent Systems: Facing Resistance

PERSISTENT SYSTEMS Weekly NSE Stock Chart Technical Analysis:
(This is a weekly chart, each bar/candlestick represents one week of activity)


Persistent Systems is a 2010 IPO which started trading on 6 Apr 2010.  After an initial uprise, the price fell between July-Nov, and it has started clawing upwards again since the last 1.5 months.

Current close and CMP:  430

Market Outlook:

• The price is facing stiff resistance at 439.  Unless it breaks upwards from this price level, it will turn bearish again.
• Buy only above 439.
• If holding this stock, put your stoploss just below 423.

Technical Indicators:

• There is a diagonal line of resistance and the price has stopped rising last week after touching this line.
• The current resistance also co-incides with the 50% Fibonacci level.
• The last week ended with a Shooting Star candlestick pattern
• This is a double resistance at 439.  If the price breaks above 439, it will shoot upwards like a bullet.  But if it falls below 423, it will began another downward swing.

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PERSISTENT SYSTEMS Weekly NSE Stock Chart Technical Analysis

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

Sensex: Could fall again tomorrow

SENSEX (BSE) Daily Chart Analysis

Sensex closed above the 20,000 psychological level for the 5th consecutive day today. Close: 20028

Market Outlook:

• The current expectation of the market going towards a new high seems doubtful to me.
• There is a chance that the market might slip below resistance again.

Technical Indicators:

• A Shooting Star candlestick pattern has formed.
• There is a high possibility the index will fall below resistance tomorrow and close about 50 points below today.
• If this happens, it'll be a bearish signal.
• Alternately, if the index does not fall and rises instead, than it can be considered as a good sign as the resistance line is now truly acting like a support line and the index could move up.
• Either way, the market should be able to give a future directional indication tomorrow. 

SENSEX (BSE) Daily Chart Analysis