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Devrtajan (Geojit) - TECHNICAL BITS AND PIECES
Tuesday, May 22, 2007
CURRENT MARKET OUTLOOK:
SENSEX: (14418): The outlook for the market is overbought and it can be expected to
move somewhat downside with in a week or next with in a week. The daily chart shows
that, the market is very close to making an upside breakout. The technical chart indicates
bullish rather than bearish. But these indications can be expected to continue at only
couple of weeks. SENSEX has immediate resistance at 14529 or even it may move at all
time high 14723. If SENSEX breaks 14723 (all time high), then optimistic trader can be
expected to take over the long term stance, then it could test at 15430 levels. The
SENSEX has immediate support at 14043 & 13944. Below this it could test at 13622.
NIFTY: (4260): The NIFTY has immediate resistance at 4350 (200DaysBB). Above
this, it could test at 4444 levels. NIFTY has support at 4149. Below 3981, it could test at
3766.
OBSERVATIONs:
The following stocks has selected based on fundamentally strong as well as high
traded volume and also particularly technical visualization. These stocks are trading
below 50 levels or around 50 or bit above 50 levels. Higher volumes associated to higher
prices and better breadth always offers a bullish perspective. The following stocks are
permitted to invest for delivery purpose only. If you are a long term observer, then all
stocks are advised to invest at lower levels. The long term outlook for all the stocks are
expected to move at higher levels.
AGRODUTCH: (28.65)
Technically the stock is slightly weak. It has immediate support at 26(200DMA). If it
breaks this level, it could test at 24. Above 24 the stock is positive. So Keep a stop loss at
24 levels and go long. The immediate resistance will be at 33 (500DMA) levels. Above
this the stock has resistance at 46 & 55 levels or even move bit further.
BONGAIREFN: (53.90)
The stock has completed a breakout on high volume and technically it has touched at
overbought levels. This stock has immediate support at 50. Below this it could test at 46
& 42 levels. The minimum target projection could test at 64 (500DMA) and the stock
will run into resistance at those levels. However, if it closes above 64 it is very likely to
move further up side.
IFCI: (49.20)
This stock also has achieved remarkable growth in the traded volume segment. IFCI has
made a move to successive new highs but it somewhat low on momentum AND also
tested at overbought levels. So, just keep a trailing stop loss at 40 and go long.
It is project to target at a long – term perspective and should reach at 53 & 59 levels. If it
breaks this level, further up trend is likely.
RNRL: (31.40)
Due to strong volume, the stock has completed a bullish formation with high volume.
And the momentum chart also shows somewhat low. Keep a stop at 25.60 levels and go
long. The stock has target at 47 and above this further uptrend is likely.
MID –DAY: (49.55)
It is one of the multimedia stocks. The daily chart shows that, the outlook for the stock is
slightly bullish. It has a likely to target at 65 (500DMA) levels. Above this further
uptrend is likely. Stop loss can be kept at 41 and go for long.
PETRONET: (53.60)
The outlook for the stock is bullish and it has immediate resistance at 59. Above 67,
further uptrend is likely. The long term viewpoint can be expected to test higher levels.
The stock has support at 46 levels.
MRPL: (44.90)
The outlook for the stock is slightly positive. The stock has support at 41 levels. If it
moves below it could test 39. The immediate medium term target would come at 55
levels. Above this level, bullish trend can be expected to continue further.
MRO-TEK :( 48.15)
The technical chart shows that, the outlook for the stock is sideways trend. The stock has
support at 46. If it breaks this level, it could test at 40. Above 40, the stock is positive.
The immediate resistance will be at 54 (200DMA). The medium term target would come
at 64 levels. Above this it could test at 71. Long term target will be at 94 levels.
BINDALAGRO: (45.25)
The stock is forecasting only chemicals and fertilizers product. The outlook for the stock
is slightly overbought. It has resistance at 50 levels. Above this further uptrend is likely.
Keep a stop at 37 levels. Above 37 the stock is positive.
TRIVENI :( 56.40)
The stock is slightly weak. The stock has immediate support at 49 levels. Above 49, the
stock could test at 67 levels. The medium term target will be at 82 levels. Above this
level, and go long, then the stock has long term target test at 123 levels.
Download in PDF Here
Devrtajan (Geojit) - TECHNICAL BITS AND PIECES
SENSEX: (14418): The outlook for the market is overbought and it can be expected to
move somewhat downside with in a week or next with in a week. The daily chart shows
that, the market is very close to making an upside breakout. The technical chart indicates
bullish rather than bearish. But these indications can be expected to continue at only
couple of weeks. SENSEX has immediate resistance at 14529 or even it may move at all
time high 14723. If SENSEX breaks 14723 (all time high), then optimistic trader can be
expected to take over the long term stance, then it could test at 15430 levels. The
SENSEX has immediate support at 14043 & 13944. Below this it could test at 13622.
NIFTY: (4260): The NIFTY has immediate resistance at 4350 (200DaysBB). Above
this, it could test at 4444 levels. NIFTY has support at 4149. Below 3981, it could test at
3766.
OBSERVATIONs:
The following stocks has selected based on fundamentally strong as well as high
traded volume and also particularly technical visualization. These stocks are trading
below 50 levels or around 50 or bit above 50 levels. Higher volumes associated to higher
prices and better breadth always offers a bullish perspective. The following stocks are
permitted to invest for delivery purpose only. If you are a long term observer, then all
stocks are advised to invest at lower levels. The long term outlook for all the stocks are
expected to move at higher levels.
AGRODUTCH: (28.65)
Technically the stock is slightly weak. It has immediate support at 26(200DMA). If it
breaks this level, it could test at 24. Above 24 the stock is positive. So Keep a stop loss at
24 levels and go long. The immediate resistance will be at 33 (500DMA) levels. Above
this the stock has resistance at 46 & 55 levels or even move bit further.
BONGAIREFN: (53.90)
The stock has completed a breakout on high volume and technically it has touched at
overbought levels. This stock has immediate support at 50. Below this it could test at 46
& 42 levels. The minimum target projection could test at 64 (500DMA) and the stock
will run into resistance at those levels. However, if it closes above 64 it is very likely to
move further up side.
IFCI: (49.20)
This stock also has achieved remarkable growth in the traded volume segment. IFCI has
made a move to successive new highs but it somewhat low on momentum AND also
tested at overbought levels. So, just keep a trailing stop loss at 40 and go long.
It is project to target at a long – term perspective and should reach at 53 & 59 levels. If it
breaks this level, further up trend is likely.
RNRL: (31.40)
Due to strong volume, the stock has completed a bullish formation with high volume.
And the momentum chart also shows somewhat low. Keep a stop at 25.60 levels and go
long. The stock has target at 47 and above this further uptrend is likely.
MID –DAY: (49.55)
It is one of the multimedia stocks. The daily chart shows that, the outlook for the stock is
slightly bullish. It has a likely to target at 65 (500DMA) levels. Above this further
uptrend is likely. Stop loss can be kept at 41 and go for long.
PETRONET: (53.60)
The outlook for the stock is bullish and it has immediate resistance at 59. Above 67,
further uptrend is likely. The long term viewpoint can be expected to test higher levels.
The stock has support at 46 levels.
MRPL: (44.90)
The outlook for the stock is slightly positive. The stock has support at 41 levels. If it
moves below it could test 39. The immediate medium term target would come at 55
levels. Above this level, bullish trend can be expected to continue further.
MRO-TEK :( 48.15)
The technical chart shows that, the outlook for the stock is sideways trend. The stock has
support at 46. If it breaks this level, it could test at 40. Above 40, the stock is positive.
The immediate resistance will be at 54 (200DMA). The medium term target would come
at 64 levels. Above this it could test at 71. Long term target will be at 94 levels.
BINDALAGRO: (45.25)
The stock is forecasting only chemicals and fertilizers product. The outlook for the stock
is slightly overbought. It has resistance at 50 levels. Above this further uptrend is likely.
Keep a stop at 37 levels. Above 37 the stock is positive.
TRIVENI :( 56.40)
The stock is slightly weak. The stock has immediate support at 49 levels. Above 49, the
stock could test at 67 levels. The medium term target will be at 82 levels. Above this
level, and go long, then the stock has long term target test at 123 levels.
Download in PDF Here
Devrtajan (Geojit) - TECHNICAL BITS AND PIECES
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Investment in equity shares has its own risks. Sincere efforts have been made to present the right investment perspective.The information contained herein is based on analysis and up on sources that we consider reliable. I, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and I am not responsible for any loss incurred based upon it.& take no responsibility whatsoever for any financial profits or loss which may arise from the recommendations given in this blog.
