IFCI triangle in daily chart

IFCI DAILY CHART

• IFCI daily is in triangle
• breaking the down side line will be negative But will get support from the trendline.
• Look for buying opportunities above 54 if the break out happens with good volume.

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NIFTY technical analysis for 10th may 2010

NIFTY DAILY

• NIFTY has reversed 4980 region. And with global market support tomorrow it may trade above 5280 region.
• Closing above 5280 will be positive and if that happens we may see 5400 before settlement during this month.

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RELIANCE NATURAL RESOURCES bearish engulfing

UPDATED CHART

• RELIANCE NAT. RESOURCES has formed a bearish engulfing.
• There is huge increase in volume.
• But the stock is very oversold and quite close to the support area of 65.

AHOK LEYLAND huge volume break out.

UPDATED CHART

ASHOK LEYLAND DAILY

ASHOK LEYLAND MONTH CHART

• ASHOK LEYLAND has given a huge volume break out.
• the stock has gone pass the resistance of 2008 high (57.5)
• a daily close above the previous resistance area confirms the break out.
• the stock may move to 65 in the coming weeks.

SAIL has formed a big M in daily chart.

UPDATED CHART

SAIL DAILY CHART

SAIL WEEK CHART

• SAIL has formed an M pattern 
• Break of trend line can bring it down to 200. Break of  197 means more bearishness for the stock.

CNX IT weekly chart technica analysis

UPDATED CHART 

CNX IT WEEKLY CHART

• CNX IT weekly triangle has broken 
• has immediate support at 5850 region. A break and close below the small triangle means more bearish news for stocks like INFOSYS.

BANK NIFTY daily in a triangle

UPDATED CHART

BANK NIFTY TRIANGLE

• BANK NIFTY has formed a triangle.
• there is clear negative divergence
• the index is making new highs but at the same time the smoothed %D line has dropped below the 80% line suggesting an imminent correction.
• but the price has not confirmed yet breaking the bottom line of the triangle will confirm the correction.