Hi Tony,
In the wake of recent developments in the USA, how do the Bank stocks look on the charts and especially Indusind as it had quite a bit of fall after such a good result.
Do you suggest that we should pick some or wait for further dips.
Vijay
Vivek,
It does not make sense to buy a stock when it is in over bought region. Look at the RSI which is 82 and CCI at 217. Wait for the correction and then enter the stock.
http://chartink.com/stocks/MAYURUNIQ.html Link: http://chartink.com/stocks/MAYURUNIQ.html
The short term indicators show good momentum. However, I would request readers to look at the chart. On 14th August, the 5 day EMA cut the 25 day EMA from below. At that point the price was 219.
This was the time one should have bought the stock. Today the price is 268. More that 20% jump. Please study the charts well and make your investment decisions. This will help you buy stocks at the right time and right price.
http://chartink.com/pointfigure/MAYURUNIQ.html Link: http://chartink.com/pointfigure/MAYURUNIQ.html
The stock now is in uncharted territory. Support exists at 255-245-240.
It is better to exercise patience and wait for your turn. I hold shares of this company and I am not in a hurry to buy more. Will buy on dips.
Tony
Vijay,
INDUS IND BANK:
The stock is on a SELL signal and in the O column. Support is at 370 and then at 350. At this level it will trade below Bullish Support Line and become weak. Next support exists at 320.
http://chartink.com/stocks/indusindbk.html Link: http://chartink.com/stocks/indusindbk.html
All the momentum indicators are showing weakness in the stock. RSI is at 52, CCI -26 and Momentum at 13.50. One can expect the stock to fall further if it breaks 385 its 50 day EMA which is likely.
While talking of banking stocks in general lets look at the Bank Nifty.
http://chartink.com/stocks/banknifty.html Link: http://chartink.com/stocks/banknifty.html
It has fallen below the 5 day EMA and may take support near the 25 day EMA at 10275. Next support is at 9865 its 50 day EMA. Short term trend is negative.
http://chartink.com/pointfigure/BANKNIFTY.html Link: http://chartink.com/pointfigure/BANKNIFTY.html
Currently the Bank Nifty is in O column but on a BUY signal. It failed to break the Bearish Resistance Line (red) at 10700. Support at 10000, 9900, 9600. Below 9600 it will become weak and more correction can be expected in all bank stocks.
Tony
Dear Tony
How does Indocco Remedies and Shilpa Medicare look technically?
Regards
Ashwin
Ashwin,
SHILPA MEDICARE:
It is presently on a BUY signal and in the X column. Next resistance is strong at 215. If it breaks this top then one can expect a new high. Support is at 175-160. Below 160 the stock turns weak, trading below Bullish Support Line.
http://chartink.com/pointfigure/SHILPAMED.html
On the candle stick, the stock is in over bought territory with RSI at 84. Momentum at 29.90 and CCI at 171. One can see some correction with the CCI sloping downwards. Watch the volumes. Any spurt in the volumes will indicate more buying coming in. The stock is in strong hands trading above all the EMA’s.
One can buy this stock on dips around 175 levels.
Tony
INDOCO REMEDIES:
Once again an excellent and strong stock. Such stocks are BUY on dips. The RSI is at 82 and hence overbought. Momentum is 9.75 slightly weak, CCI at 155 and sloping downwards indicating a slight pull back. Overall a strong stock trading above all EMA’s. Buy close to 64-65 levels.
http://chartink.com/stocks/indoco.html
On PnF charts the stock is on a BUY signal and in X column. It is taking support at 75 where it made a triple top. Can break 78 the earlier high. If it breaks 75 on lower side, then support is at 66 which is strong and closer to 200 day EMA. Below this it will turn weak and touch 58.
http://chartink.com/pointfigure/INDOCO.html
Tony
Dear Tony
Two stocks which are on my radar are Selan Exploration and Avanti feeds. Fundamentally both looks good. How do they look Technically?
Thanks
Raj
Hello Raj!
Avanti Feeds:
http://chartink.com/stocks/avanti.html
The short term trend is lower. RSI is 46.07, Momentum -5.4 and CCI -75.8. Overall a good stock and see opportunity to BUY in range of 190-206.
http://chartink.com/pointfigure/AVANTI.html
The stock is on a BUY signal but in O column indicating more sellers than buyers. Made a double bottom at 215. Support is at 210-205-190. Resistance is at 240. Some profit booking is happening in the stock. Overall a strong stock trading above 200 day EMA.
Tony
Selan Exploration:
http://chartink.com/pointfigure/selan.html
Selan is currently trading in the X column and on a BUY signal. It gave a BUY signal at 300. Next resistance is at 330-350. Support at 265-260-230.
This is an extremely volatile stock.
http://chartink.com/stocks/selan.html
Both the short term and long term trend in the stock is up. RSI is in overbought region at 78.58, Momentum 26.25 and CCI at 248. All indicators showing positive momentum and trend.
The stock is trading above all EMA’s which shows its a strong stock and a BUY on dips.
Tony
Tony,
The delivery volumes for Astral have been very good since the last 2 weeks
| Date | Total Traded Quantity | Turnover in Lacs | Deliverable Qty | % Dly Qt to Traded Qty |
| 7-Oct-13 | 6928 | 16.63 | 6253 | 90.26 |
| 8-Oct-13 | 11033 | 27.06 | 9027 | 81.82 |
| 9-Oct-13 | 14659 | 36.25 | 12870 | 87.8 |
| 10-Oct-13 | 11089 | 27.88 | 9433 | 85.07 |
| 11-Oct-13 | 5393 | 13.48 | 4159 | 77.12 |
| 14-Oct-13 | 12842 | 32.41 | 11727 | 91.32 |
| 15-Oct-13 | 11823 | 30.16 | 8606 | 72.79 |
| 17-Oct-13 | 18436 | 49.02 | 14048 | 76.2 |
| 18-Oct-13 | 34814 | 92.31 | 32510 | 93.38 |
| 21-Oct-13 | 220223 | 613.16 | 209464 | 95.11 |
It has formed a base in the region of 262-267. It is again looking strong and good for an upmove.
RS Software has posted a good set of numbers similar to the other IT companies.Today's closing has been above 145. They have also announced an interim div. Do the charts look good?
And finally Kaveri also has been forming a base in the range of 1480-1500. Is it a good time to buy?
Canfin homes too has been rising steadily along with a steady increase in delivery volumes and is trading above the 150 DMA which is a good sign. Results are to be declared on 29th of this month.What do the charts say?
Regards,
Raharshi
Tony,
Whats your TA says for Thinksoft ? The co seems very cheap on valn basis & dividend payout is also good. But is Rupee depreciation the major tailwind behind improved performance?
Friends,
I am presently out of town. If possible I will surely reply or else will do it during the weekend.
Do keep sending your queries. Its a privilege to reply.
Tony
Rajarshi,
You have been given good insights in recent days. I commend your feed back. Keep up the good work.
ASTRAL:
http://chartink.com/pointfigure/astral.html
After making a new high there has been a pull back. Some profit booking has been happening in this stock. Support is at 250 where earlier it made a triple top, 240-235 and 200. Resistance is at the earlier high of 280. Astral is a very strong stock trading above its Bullish Support Line. Such stocks are always buy on dips.
http://chartink.com/stocks/astral.html
On the candle stick charts the RSI is at 58, CCI at 26 and Momentum at 4.450. The volumes too have been falling. Support at 240 which is the 25 day EMA and 225 its 50 day EMA. Also be on the look out for CCI to touch 100. This will show that once again the stock is resuming its upward journey.
Tony
R S SOFTWARE:
http://chartink.com/pointfigure/RSSOFTWARE.html
The stock is in the X column on a BUY signal. It is taking support at its Triple top of 148. Next resistance is at 155 where it made a Double Top and then 160.
http://chartink.com/stocks/rssoftware.html
The stock is just below its 5 day EMA. Support exists at 139.69 its 25 day EMA and 130 its 50 day EMA.
RSI is at 65.73 so the stock is not yet overbought. CCI is 130.6 and downward sloping which is reflecting in the price. Momentum is 8.45. All short term indicators are still positive. After some sideways movement the stock should begin its upward journey. Keep a close watch on CCI. If it continues to slope downwards and edge closer to 100 then there could be a correction coming.
Tony
KAVERI:
This stock has been facing a strong resistance at the 50 day EMA of 1517. Currently the price is at 1515 which is close. If it can break this resistance then the stock can move up to 1700.
http://chartink.com/stocks/kscl.html
The RSI is at 58, CCI at 68, and Momentum at 69. Let us watch and see if it can break its resistance.
http://chartink.com/pointfigure/KSCL.html
The stock is still in the O column indicating more sellers than buyers. It is on a BUY signal. It has support at 1450. If it falls below 1400 then it will turn weak as it will trade below its Bullish Support Line. It has resistance at 1650-1700 on the upside.
Tony
Dear Tony,
Thanks as always for your promptness n diligence in answering all queries.
Need your guidance on Acrysil, Shilpa Medicare, Poly Med n Avanti feed.
Rajarshi,
CANFIN HOMES:
http://chartink.com/stocks/canfinhome.html
You rightly said that this stock has been trading with good volumes. Presently the RSI at 80.80 is in overbought territory. Momentum at 11.80 and CCI at 172.6 are all positives for the stock. The short term momentum and trend is up for the stock and it is trading above the 5 day EMA of 139.31.
Watch what happened to the stock when the 5 day EMA cut the 25 day EMA from below on 11th September and CCI touched 100 the next day.The stock zoomed from 126 to 142. Support now exists at 132 and 126.
http://chartink.com/pointfigure/CANFINHOME.html
Canfin is in the X column on a BUY signal. It made a double top at 140. Resistance is at 145 and then 160-170. Support at 134-130-124.
Tony
Hello Vivek,
THINKSOFT (151)
http://chartink.com/pointfigure/thinksoft.html
The stock has been making Higher Tops and Higher Bottoms since July 2013. Presently a strong stock trading above its Bullish Support Line. It is in the X column on a BUY signal. Made a new high at 150. Support is at 134-122-118.
http://chartink.com/stocks/thinksoft.html
With RSI at 75.87 the stock is experiencing profit booking at higher levels. Momentum is 36.75 and CCI at 132.8 sloping downwards. Watch CCI closely. If it begins its upward journey then the stock will make new highs.
The CCI earlier cut the 100 level on 17th October, and the stock zoomed from 118 to 155. It is meeting resistance at its 5 day EMA at 152.
Buy on dips should be the strategy.
Tony
Dear Readers,
Just realized that its been a year since I first started writing on this forum. Phew! Simply amazing has been this journey.
Today I wish to thank each for the kind support and valuable feed back each one has been giving me, some silently, some with their soft and encouraging words. The education and Wisdom that I have gained in this experience has been something out of this world.
I do not wish to take names here, because I may miss so many. So a big fat THANK YOU to each one of you. Do keep writing and reading. It is my pleasure to be of some help to each one of you.
Tony