Monday, 11 February 2013

Weekly study (11-02-2013)

Hello All, 

 Sorry for delay in uploading studies... Just came back from vacations :) ,.Please find charts for 33 shares including large caps and midcaps... 


As suggested in older post Up move Resisted at previous support. Share Closed below all the important ema’s  Now testing more than 2 years old trend line.. some bounce is expected..

Adani Enterprise 

228 is Trend line support & 227 is 200dma more weakness below this level . On the upside 239 will act as stiff resistance .... 

Adani Ports

Share is in overbought zone. First sign of weakness below 148.  Target 144..140 

Allahabad Bank

146 is 200dma and 147 50mema... 

ALBK is testing 6 months support line ... support exist @146-47 range... break of same will call for deep correction... Daily charts are oversold some bounce is expected.. 

Ambuja Cements Ltd.

I t was suggested last week that strength above 205 and weak below 194 share made low of 189. Now support exist at 186(200dma) , more weakness below the same. Resistance at 194. Shorts taken at 194 keep trailing the sl. 

Asian Paint 

Target suggested last week was 4600 and 4700.. Missed 4700 by bit... support exist at 4490. Weakness below the same.

Axis bank 

Support now exists at 1430. First resistance at 1485 and then 1532.  Weak below 1430… more strength above 1485..

Bajaj Auto 

2040-25 is strong support zone … below that first target 1970.. strength only and only above 2070... 

Bank of Baroda

Last week it was suggested that weak below 860. Almost 100 rs down from the level … now we have high volume break to the wedge….  Other pattern which I can see in formation is HNS ( also seen In bank nifty )    Support now exist in 740-750 range … more weakness below this.. resistance at 804-805.. Till then trail sl and enjoy it .. 

Bata India Limited

Double bottom formation at 756 level with positive divergence in rsi … more strength at close above 5dhema..

 Biocon Limited

   279 holds the key for bears… on upside huge resistance at 292 level.. 

Canara Bank

High volume at support level of 442. I expect some retracement Low risk in 443-442 zone with sl of 440.   I also expect HNS formation in Canara Bank. Same pattern can be seen in Bank Nifty.  Please note that these HNS patterns that I am pointing out are probable patterns and may fail… I will update in comments sections as and when I see this formation failing. 

Century Textiles

388-390 is stiff resistance zone strength only above the same… 375 zone was suggested as support in chart update before. Weakness below 375 strength only above 390 

Cipla Ltd

One more HNS in formation J .. I strongly feel distribution is going on in many shares . I know there is no there no place for feelings in share trading only way to make money is to follow price action J .
Enough of gyan.. coming back to price action it was suggested last week that below 394 share will drag down, low made of 378.. Interestingly volume was very high during fall  … Any up move should be used as opportunity to wind up longs …  more weakness below 378 level.  Resistance around 395 -400 level.

Coal India

In Weekly study uploaded last week it was suggested that 359-360 zone is Resistance as it is 61.8% retracement  level.. close below 336 will drag share to 310 odd level.

DR Reddy

In last week chart study it was suggested that first sign of weakness will be below ad 1915 and break of 1900 will bring low levels.. Low made was 1855 level..  Found support at blue trend line.  Now 1915-1920 will be stiff resistance to cross..   Support and resistance levels are market in charts. Trade support and resistance till the time lower blue support line is not broken.


A small pennant like structure is forming after fast rise ... Break of 276 will be very bullish for the share .. while close below 265 will be bearish ... 

Financial Technologies

 Shorts were suggested below 1125. More Rs.100/- down from the same…  now rectangle formation going on.. trade support and resistance as per marked in chart. Share is trading near 1000 which is trend line support and also very very important psychological. more weakness below the same... trail sl.. 


Last week chart update it was suggested this down leg could be over at 774 trail sl for shorts…. Not trading above red channel.. strength above 820 level.. sl 811. I have removed impulsive marking since price entered wave A territory. 


Long were suggested last week at 640 odd level….  More strength above 659 level..  keep strict sl  or do partial booking because prices are near upper range of red channel . 

Hindustan Unilever Limited

Positive divergence seen on the chart and strong support at 448 level. Daily charts are oversold.. . strength above 465 levels …  Buy with min sl.. 


1155 support  was broken last week and share closed at 1130 (weekly close)  … Wedge like structure has given breakout ,support now comes around 1113 break of which will add more bearishness to the share …


Strength above 115 ….  More weakness below 106 .. Plan your trade accordingly... 


Last week suggested that weakness will creep in below 165.. low made 155 …  support now at 154 more weakness below it ..   very strong resistance at 165 .. 


Broadening triangle pattern in formation at top.. It’s a bearish pattern and very difficult to trade  I will wait patiently till 290 is not taken out .. Weakness below 290 level.. sl 293 … target lower support line .. 

JSW Steel 

     Last hope foe bulls 820 … below that target lower blue support line .. 

Jindal Steel 

     6 month old support line broken .. more weakness below 405 


   Mentioned in last week study that going long is not advisable as 1625-50 zone has been historical top.... 
  support now comes at 1510.. 


Support now exist at 2280 .. If retracement comes then it can target 2374- 2400 zone ..  which is also 38.2% - 50% retracement and currently 21 days ma stands there .. up move will face resistance there .. 


Amazing and beautiful price channel … Break of 445 will call for deeper correction till lower support line … A flag in formation after fast price rise… break of the same will give target of 507 .. Support at 445 .. 

Sun Pharma

Longs were suggested at 728 level ... Support now shifted to 743 level.. below which support exist at 21DEMA...  break of 753 will add fuel to rally ....

Strength above 753
Weak below 743

Union Bank 

Sell on rise should be strategy, since it closed below all the major  EMA.s … support now exist at 233 .. if bounce comes it should be used to exist the long position … break of 233 odd level will call for more deeper correction.


Wipro still stuck in the range of 400-417 … break on either side will give rapid 3-4% move … .


All the views and contents mentioned in this blog are merely for educational purposes and are not recommendations or tips offered to any person(s) with respect to the purchase or sale of the stocks / futures. I do not accept any liability/loss accruing from the use of any content from this blog. All readers of this blog must rely on their own discretion and neither any analyst nor any publisher shall be responsible for the outcome.


  1. Sir i would like to discuss my stock querry, if u have time.. can u provide ur gtalk or yahoo or facebook id?

    1. you can mention here since i dont have access to any of them from my office

  2. I am learning a lot from these chart studies.Thanks for the Good work............