ERROR OCCURED ON JAVA CHARTS

Sorry to all of you, due to some problem with my Jave charts i couldnt upload any of the charts tonite. I realy sorry to todays problem. have a nice trading day. Bye all of you...

FOREX UPDATES...
USD/JPY (117.34)

By seeing the weekly charts of USD/JPY pair i feel its on the way to retest the strong resistence at 119.25 almost 190 pips movement...At the same time, in the last week it made the high of 117.47 and this weeks high is at 117.4 almost itz the Double Top pattern. Still time is left to erase the Double Top formation. The support is at 116.7-116.45-116 and the resistence is at 117.9 and 118.30...

CORPORATION BANK (314.25)
WILL IT BREAK THE BARRIER BIG RALLY...


(click on the charts for better view)

Yesterday and Today this stock resisted at the 200dma level of 320, i think this is the best stock to go short if it fails to cross the 320 level. In daily charts ( 1 year) upto mid-may the stock was well and above the 200dma, but in mid-may it got broken the jinx low found at 205 in mid-july. Now back to test the 200dma. The resistence comes at 338-360-390-410-435. And the support comes at 312-288/282-260. RSI is the only indicator which is in overbought position. Looks good only cross above the 200dma.

KARNATAKA BANK (111.95)
AT SIX MONTH HIGH...


(click on the charts for better view)

Now karanataka Bank is trading at the 6 month high. And most importantly it made Double Top at 114 levels. Without retrace from the 80.30 where the big rally started on late july. By applying indicators and the Double Top formation i tell it's the time to book profit. RSI is at the overbought zone, CCI is just dipping below the 100 mark. The stock got strong support at 102 and 94 and the resistence at 114-120-128.

GNFC (98.95)
UNDER GREAT PRESSURE...


(click on the charts for better view)

This stock is in under pressure now, some of the leading indictors are showing SELL signal for this stock. Evenly its trading below the 100/200dma. Since early june it never succedd in crossing and sustaining the 100 level. For the Buyers i reco them buy only above the 110 mark or buy when it retest the 80 levels. Overall not looking good on the charts in any point. I put this stock in the "UNDERPERFORMER" tag...

PRAJ IND (174.40)
READY FOR A BIG MOVE...


(click the charts for better view)

This stock formed Triangle in mid-may and about to complete the Symetrical Triangle formation. Looking very good on the charts, mainly it got the strong support from the lower trend line and just once penetrated in late july and once say it's the fluke. 175 is the major resistence for this stock and if it breaks the 175 mark then surely it'll complete the triangle formation. The resistence comes at 180-185, 195, 202-205 and 212 and the support comes at 171-168 and 161, i bet go long in this stock with the stop loss of 161. Indicators side all are intact and therez no cause of panic, since late july the stock struggled to close above the 100DMA. Possibly this might be the time where it can sustain above the 100DMA...

BEL (1144.60)
BREAKOUT ON THE CARDS...


(click on the charts for better view)

This stock formed the Ascending Traingle which begin in mid-june and on the verge of completing the Triangle formation when it break the level of 1165-1170. Breakout from the triangle the target comes at 1222-1330 and 1460. Some of the leading indicators are showing strength of breakout. I tell go long above the price of 1165-1170 with the stop loss of 1064. CCI is showing very strengh. Dont care what market happens, just log in to BEL. Expect the breakout.

ALLAHABAD BANK (72.90)
TOUGH ROAD AHEAD...


(click on the charts for better view)

Finally this stock came up from the low of 53 to the level of 73. At 73 the stock having a heavy resistence from the Trendline 3 which is formed in October 2005 the low of 77. And the Trendline - 3 and the current price of 73 is the 50% Fibo of 5/11 High and 7/18 Low and just Rs. 1/- down, i mean 72 is the 100dma and 77 is the 200dma, BB's upper band is at the current price of 73 and RSI is at the overbought position, by taking all this i smell that it got a heavy resistence at the current price. It tries to take a retracement or consolidate over here. The support is at 65 which is the 50dma and 62. After crossing the 73 and 77 mark it try to kiss the level of Trendline 2 the price is 85 and 90 the Trendline 3. By taking all this account the stock got the tough roiad ahead...

SBI (903.75)
A HUGE UPTREND CHANNEL


(for better view click on the charts)

I PUT MY SBI TARGET AT 1050 IN THE MEDIUM TERM, AND EVEN I EXPECT BEYOND THAT. WHERE IT CAN TEST THE TOP OF THE UPTREND CHANNEL. AT THE SAME TIME IT OFFERS HIGHER VOLATALITY. BEFORE WE SEE THE LEVEL OF 1050, IT HAS TO CROSS THE HURDLES LIKE 930-962-1015 AND THE LAST ONE IS 1050 AND IN THE LONG RUN MY TARGET IS 1220, IF IT SUSTAIN ABOVE THE 1015 LEVELS. AND THE SUPPORT COMES AT 888-878 AND THEN AT 849. WEEKLY CCI IS SHOWING EXTREMLY BULLISH AND WEEKLY RSI IS ALL SUPPORTING THE POSSIBLE THING. OVERALL THE STOCK LOOKS GOOD ON THE WEEKLY CHARTS, AS LONG AS IT TRADES WITHIN THE UPTREND CHANNEL WHICH BEGIN IN 2004 ALMOST 3 YEARS OLD UPTREND CHANNEL...

WIPRO (515.5)
CAN WE SEE THE BIG BREAK-OUT

WIPRO ABOUT TO BREAKOUT FROM THE TRIANGLE FORMATION. ONE CAN GO LONG AFTER THE BREAKOUT OF 520 MARK, ABOVE THE 520 MARK THE STOCK WILL RESIST AT 550 AND 598...THE MAJOR SUPPORT IS AT490, 465 AND 440. OVERALL LOOKS GOOD...

SENSEX (11406.65)
THE POSSIBLE TREND REVERSAL

(for better view and full chart, please click on the chart)

SO FINALLY MY TARGET OF 11600 IS REACHED AND NOW I'M EXPECTING THE POSSIBE REVERSAL. FOR FEW DAYS THE MARKET MOVED IN SIDEWAYS BETWEEN THE 11600 AND 11385. ANYTHING CLOSE BELOW 11330 I SEE THAT IT TRIES TO BREAK THE RISING WEDGE'S LOWER TRENDLINE. BUT SEEING THE RISING WEDGE FORMATION IT MIGHT TRY TO TAKE THE SUPPORT AT THE LOWER END LINE. COZ STILL IT GOT SOME TIME TO COMPLETE THE RISING WEDGE FORMATION. AND AS U SEE THE CHARTS, ABSORB THE RSI MARK THAT TOO RESISTED AT THE 70 MARK. JUST LOOK AT THE SENSEX CHART AND RSI BAR, U ABLE TOO SEE A LOOK-A-LIKE RESISTING PATTERN. SO LET US SEE WHETHER THE RISING WEDGE'S LOWER TREND LINE BREAKS OR NOT. IF DO SO THEN MY TARGET WILL BE AT 11045-10940, 10310 AND EVEN IT CAN KISS THE LEVEL OF 9875... JUST BEFORE MAKE SHORT ON INDEX WE NEED TO SEE THE LOWER TRENDLINE WHICH IS ALSO CONNECTED FROM THE LEVEL OF 8799 AND 10000 LOWS. IF THE INDEX BREAKS THE 11600 LEVEL THEN NEXT RESISTENCE COMES AT 11842 AND 12120.

POLARIS SOFT (107.50)

FINALLY POLARIS REACHED THE CRITICAL AREA, WHERE IT HAD TAKEN A GOOD SUPPORT IN THE PAST MONTHS AND FROM THERE IT FALL TO THE 2 DIGIT LEVEL OF 51.8. NOW THE 108-110 IS THE HEAVY RESISTENCE. 108 IS 200DMA AND MORE IMPORTANTLY IT JUST CLOSED ABOVE THE TRENDLINE A (see on the charts). AS U SEE ON THE CHARTS WE'RE SEEING THE 3 STRAIGHT DAYS CLOSING ABOVE THE TRENDLINE A. I JUST WANT TO SEE ANOTHER FEW DAYS THAT WHETHER IT IS JUST A FLUKE OR IT IS TRYING TO CROSS THE TRENDLINE A FOR THE LONG TERM BULLISH. IN CASE IF IT IS FLUKE THEN IT TAKE SUPPORT AT THE LEVEL OF 95-85 AND THEN AT TRENDLINE B. I GUESS IT MIGHT TRADE WITHIN THE RANGEBAND OF 95-85. IF IT KEEP ON RESISTING THE TRENDLINE A THEN IT GET WEAKER. SUCCESSFULLY SUSTAIN ABOVE THE 108 AND THE TRENDLINE A THEN WE CAN SEE THE LEVELS OF 150. AND ALSO JUST LOOK THE CHARTS, IN THE RECENT RALLY FROM EARLY JULY 06 TO EARLY PART OF AUGUST 06 THE STOCK RALLIED FROM THE LOW OF 70 TO 100 LEVEL. ONE SIDE THE PRICE IS MOVING UP AND ANOTHER SIDE THE ONE TIME STAGGERING VOLUME OF 37 ODD LAKH SHARES AND SINCE THEN IT KEEP ON SLIDING. OVERALL LOOKING INTO IT I'M TENDING TO SELL THIS STOCK AT THIS LEVEL. FROM HERE ON THE STOCK MUST STAY ABOVE THE 125 LEVEL FOR BULLISH SIGN. OVERALL NOT WORTH OF HOLDING THE STOCK. SELL THIS STOCK ON RALLY.

TATA STEEL (512.55)

THIS STOCK NOW LOOKS WEAK ON THE DAILY CHARTS. JUST CLOSED BELOW THE SYMETRICAL TRIANGLE WHICH FORMED IN MID JUNE. MAJOR SUPPORT IS AT 462 FOR THIS STOCK. AND 535 IS THE HURDLE TO CROSS FOR THE BULL. CCI IS THE ONE INDICATOR WHICH IS GIVING SELL SIGNAL FOR THIS STOCK, NOW THE CCI VALUE IS AT 0 AND POINTING TOWARDS BELOW THE ZERO VALUE. IN THE WEEKLY CHARTS STILL THE CCI IS BULLISH. IF IT BREAKS SERIOUSLY THEN I SEE THE LEVELS OF 462-455 AND 425-416. IN WEEKY CHARTS RSI IS STRUGGLING TO STAY ABOVE THE 50 MARK. IN THE COMING WEEKS THE STOCK WILL LIKELY TO TRADE WITHIN THE 575 AND 455 MARK. ABOVE 575 LEVEL THE STOCK WILL KISS THE LEVEL OF 670, AND BELOW THE 455 MARK IT'LL LEAD TO THE LEVELS OF 400-375. BY SEEING WEEKLY CHARTS I RECKON THIS STOCK WILL BE IN RANGE BOUND.

DR. REDDY (1494.95)

THIS STOCK ALREADY FORMED THE RISING WEDGE, INFACT THE PATTERN LOOKS VERY GOOD TO GO LONG. AND EVEN REDDY IS TRADING ABOVE THE TRENDLINE WHICH BEGAN IN 10/28/05 (see on the charts), ALTHOUGH THIS TRENDLINE HAD BEEN VIOLATED TWICE, ONCE IN JUNE AND AND ANOTHER TIME IS JULY. THROUGH OUT THIS MONTH OF AUGUST REDDY IS TRADING WELL ABOVE THE SUPPORTING TRENDLINE. RECENTLY THE STOCK GOT THE BREAKOUT FROM THE BULLISH PENNANT. EARLIER MY PENNANT TARGET WAS 1600. NOW LOOKING INTO CHARTS IF THE UPPER TREND LINE OF RISING WEDGE GET VIOLATED THEN I PLACE MY TARGET BEYOND 1600 LEVELS TO THE LEVELS OF 1700. AND ON WEEKLY CHARTS ALSO IT COMPLETED THE LOOK-A-LIKE CUP N HANDLE FORMATION. DR REDDY GOT THE GOOD RESISTENCE AT 1526 WHICH IS THE MAX FIBO OF 5/08 HIGH AND 6/14 LOW. LETS SEE WILL I SEE THE FALL FROM THE RISING WEDGE OR IT'LL KISS THE LEVEL OF 1600 AND 1700.

ONGC (1210.20)


ON DAILY CHARTS ITZ ON THE VERGE OF BREAK DOWN FROM THE RISING WEDGE. THE CMP i.e., 1200-1195 IS THE MAJOR SUPPORT AND OTHER SUPPORT AREA EXIST AT 1165-1153-1110. AND THE KEY RESISTENCE COMES AT 1263. ONCE THE FALL OCCUR FROM THE RISING WEDGE, I SEE SOME LOWER LEVELS.

ON WEEKLY CHARTS, THIS STOCK LOOKS VERY COMFORTABLE, TAKING THE CASE OF RISING WEDGE FORMATION ON DAILY CHARTS, I CAN SEE SMALL FALL CAN OCCUR. NOW ONGC BACK ON TRACK, IT BACK IN THE 2 YEARS UPTREND CHANNEL, WHERE IT CONNECTED FROM THE MAY 04 LOW. IN THE NEAR TERM THE STOCK WILL TRADE WITHIN THE UPTREND CHANNEL WHICH U SEE ON THE CHARTS.

HINDUSTAN LEVER (234.90)

AUGUST 17, 2006



HLL IS TRADING WITHIN THE TRIANGLE BAND, SO ANOTHER COUPLE OF DAYS IT'LL BE IN THE TRIANGLE. TECHNICALLY LOKING VERY SOUND. 225 AND 245 ARE THE KEY LEVELS FOR THIS STOCK. I RECKON 225 IS THE MAJOR SUPPORT AND 245 IS THE MAJOR RESISTENCE AREA. AND THE ABOVE MENTIONED LEVELS ARE TRIANGLE BREAKOUT OR BREAK EVEN. FROM INDICATOR POINT OF VIEW EVERYTHING IS OK.

ULTRATECH CEMENT (AUGUST 15, 2006)
ON BREAKOUT




AS YOU SEE ON CHARTS ITZ ON THE WAY FOR A HUGE BREAKOUT. 763 IS THE BREAKOUT PRICE, ONCE THE BREAK ABOVE THE 763 PRICE I PUT MY TARGET FOR THIS CEMENT STOCK 814 AND 885. INDICATORS ARE WELL POSITIONED AND ITZ GUD ENUG TO HAVE A LONG POSITION ONCE THE BREAK-OUT OCCURS. THOSE WHO ARE LONG I ADVISE THEM TO HOLD THIS STOCK.

EUR/USD (1.2770)

EUR/USD PAIR CLOSED WEAKER THAN EXPECTED AFTER RESISTING AT THE LEVELS OF 1.2910, SINCE AUGUST 04 THIS PAIR IS UNABLE TO SUSTAIN ABOVE THE CRUCIAL 1.2900 LEVELS. ON INTRA DAY BASIS THIS PAIR IS FALLING ONCE IT REACHES ABOVE THE LEVEL OF 1.2910. THE STRONG SUPPORT IS AT 1.2718 (50% FIBO OF 1.2979-1.2456) AND 1.2654 (61.8%FIBO OF 1.2979-1.2456). STILL IN THE PACE OF CONSOLIDATION FORMATION, ONCE WE SEE THE BREAK ABOVE 1.2910 WE SEE THE TARGET OF 1.2980 AND 1.3100 LEVELS...

TATA STEEL (AUGUST 13, 2006)
SYMETRICAL TRIANGLE = 524.90

ON DAILY CHARTS OF TATA STEEL ITS TRADING WITHIN THE SYMETRICAL TRIANGLE. ITZ ON THE VERGE OF BREAK-OUT FROM THE TRIANGLE FORMATION. MY TARGETS IS 565 AND 615 AND SUPPORT FOR THE STOCK IS THE LOWER TREND LINE OF THE TRIANGLE. LOOKS GOOD ON THE CHARTS AND EVEN LOOKS FURTHER GOOD WHEN WE SEE THE BREAKOUT FROM THE TRIANGLES.

HERO HONDA (AUGUST 13, 2006)
CLOSED AT 696.65

SINCE JULY HERO HONDA WENT ON TO GET WEAKER AND WEAKER AFTER REACHING 800 LEVELS. AND IN AUGUST IT MADE LOW OF 655. NOW ON DAILY CHARTS IT FORMED PIERCING LINE WITH HIGH VOLUME ON THE DAY OF THE PATTERN CREATED. THE CLOSE OF 696.65 IS JUST CLOSER TO THE 20DMA (700) FROM HERE ON THE STOCK WILL FACE THE RESISTENCE AT 725(50DMA & 50%FIBO OF 809-637), 756 (38.2%FIBO OF 950-637) AND THE CRUCIAL RESISTENCE IS AT 788 & 793 (100DMA & 50%FIBO OF 950-637). THE MAJOR SUPPORT IS AT 690 AND 670. AND AS WITH PIERCING LINE THE MA CROSSOVER ALSO GIVEN BUY SIGNAL. AND ON WEEKLY CHARTS HAMMER HAS BEEN FORMED. OVERALL THE STOCK IS NOT STRONG. BUT LOOKS GOOD FOR HOLDING SHORT TIME.

ACC (AUGUST 13, 2006) IN UPTREND CHANNEL

CLOSED AT 880.70



ACC IS ON THE VERGE OF BREAKOUT FROM THE UPTREND CHANNELS UPPER LINE FOR THE TARGET OF 1000, 894 IS THE KEY RESISTENCE AREA (61.8% FIBO OF 1060.90 AND 625). IF IT BREAKS THE UPTREND CHANNEL THEN I'M SEEING THE TARGET OF AROUND 1000 LEVELS. THE RESISTENCE COMES AT 922-925 AND 970, AND THE SUPPORT IS AT 843 (50% FIBO OF 1060.9-625) AND 830 (100DMA). THIS STOCK LOOKS GOOD ON THE CHARTS.