RIL Views!!!

RIL off late has not been participating in the party I guess it’s the case, when the cats are away the mice come out to play and the bulls would want THE CATS to play rather than the mice!

A quick look at the daily chart above and we can see RIL has been stuck in channel of sorts and now a very important level on the daily charts is 1180 we need to break and close above it, for a new run in the stock. 1060/50 is a very good short term support, below that it’s straight to 1000 where the 200 periods MA is, and that will put severe pressure on the bulls!

The hourly chart has those two ugly spikes….a breakout on the upside will only happen once it takes out the 1100/1105 with conviction. Right now it’s just managing to cling to the support provided by the moving averages, with the 200 periods hourly at roughly 1060 odd level…below that there is a sharp drop till TL support!

If already long or planning to long here then keep tight stop at 1050 or nearabouts and target 1150/1180 initially. And if a short here, is what’s in your mind then 1100/1105 should be the stop!

Weekend Views On Nifty!!!

On the weekly chart of Nifty given below; the only support one can look forward to, is at 5000/4950 and the immediate resistance is at 5300/315 odd levels. Though the indicators have begun to diverge we are yet to see the conformation from the PRICE!

On the daily chart too…most distinguished supports are way down. So far it looks like a multiple top scenario. For all those longs who have been lucky to have em at the value zone (buy’s between the 20 and 50 MA’s), 5150 looks like a descent conservative stop or one can go for a more aggressive stop at 5175/80 (see the hourly chart)!

We haven’t made mucho moves last week; the hourly chart still it gives a myopic view of things. Price is testing what we call old resistance turn to support philosophy (that’s why hinted aggressive stop at 5175/80), a failure here would result in swift fall to 5135/40 and 5080 levels!

SnP 500 Views!!!

Given below is the SnP 500 weekly chart; a very laborious rise with tight small candles. With price stalling at the 50% fib resistance and yet another major psychological resistance overhead, in the form of 200 periods moving average. Things are looking a bit OB now on the charts and with MACD Histogram also showing divergence 1150 looks a good resistance overhead. Time for a breather here and consolidate?

And now the daily chart below;

A few discerning things noticed from the chart above; the medium term TL already under pressure, and we have a wedge of sorts (shaded), lengthy negative divergence on the indicators all hinting at a drop here, but yet to be confirmed by PRICE! This can be a normal breather with price falling till 50 periods moving average at 1095 abouts…real weakness sets in if we now fail to make a new high and then proceed to break those multiple lows (see ellipses)!

RPower Views !!!

Rcom Views!!!