Technical Analysis
Analysis – Future of Reliance Natural Resources (RNRL) Stock Price
The stock started the week on a positive note but later encountered significant immediate resistance at Rs 75. On Tuesday it fell 7 per cent albeit with good volume. After taking a pause around Rs 68 for a couple of sessions, the stock formed a downward flag pattern which is a continuation pattern. Reliance Natural [...]
Technical Analysis – Neyveli Lignite – Consider Shorting
Neyveli Lignite Corporation (Rs 148.5): The stock has been moving in a narrow range of Rs 165 and Rs 140 since late January 2010. It now appears that the stock might be able to break this range, but on the down side. Neyveli Lignite finds a crucial resistance at Rs 163 and a support at [...]
Technical Analysis – DLF – Consider Shorting DLF
DLF (Rs 329.7): Despite the recent uptrend, the stock seems to have lost its momentum a bit, turning weak on Friday. We expect the stock to move in a narrow range with a negative bias. As long as it stays below Rs 405, the outlook for the stock remains negative. It currently faces an immediate [...]
Technical Analysis – Raymond
Raymond (Rs 237.8): Since the multi-year low of Rs 68 marked in March 2009, the stock has been on an intermediate-term uptrend. However, significant resistance around Rs 250 arrested the stock in January 2010. Short-term investors can hold with target at Rs 250 and stop-loss at Rs 220. Medium-term and long-term investors can continue to [...]
Technical Analysis – Suzlon Energy
Suzlon Energy (Rs 73.9): Suzlon Energy has been trending down from its life-time high of Rs 460 recorded in early January 2008. Moreover, in June 2009 the stock resumed its longer-term downtrend encountering resistance in the band of Rs 140 and 150 and has been on an intermediate downtrend. The short-term trend is sideways in [...]
Technical Analysis – Bank of Rajasthan
Bank of Rajasthan (Rs 63.6)
Bank of Rajasthan was in the news for all the wrong reasons last week as the company was hauled by both the RBI as well as SEBI, making the stock price plunge 13 per cent in the first three sessions. Despite this sharp yank, the stock held above the key support [...]
Technical Analysis – Thermax
Thermax (Rs 685)
Thermax was yet another stock that outshone others as investors cheered the company’s joint venture with Babcock and Wilcox for manufacturing super critical boilers.
The stock closed higher in all the sessions to end the week 8 per cent higher. This surge has once again brought the stock to its key intermediate term resistance [...]
