French CAC 40 Index

French CAC 40 Index is in up trend. It is trading above all the three simple moving averages say 20 day, 50 day and 100 day, same is true for 200 day moving average. The RSI is heading towards the overbought zone say above 70 level. The slow Stochastics has entered the overbought zone say above the 80 level. MACD is all ready above the zero line. All this shows that the bulls are dominant and the up trend will remain intact though some correction may take place.

Shanghai Stock Exchange Composite Index

The Shanghai Stock Exchange Composite Index has fallen in down trend. It is trading blow all the simple moving averages say 50 day, 100 day and 200 day, The down trend is confirmed by making lower lows and lower highs. The RSI is making lower lows and is below the 50 level. MACD has crossed the signal line and trading blow the zero line.Slow Stochastics is also making lower highs and is in oversold region. The bulls have lost fight in the hands of bears. The next support level is at 2564.

Tokyo Nikkei Average Index

via StockCharts.com

The Nikkei is correcting. It has been in up trend since September 2010. Recently the RSI has touched the 70 level and started to fall down and currently at 45.27. MACD has crossed the signal line below. Slow stochastic has dropped from the over bought region and is below 50 level. All are the bearish signs. The correction can be deeper. If Nikkei breaks below the support provided by the 50 day simple moving average at 10204.81 then the next support will be at 9896.79 by 200 day simple moving average. The overall structure of Nikkei is positive and there is no reason of worry until it breaks through the support provided by 200 day simple moving average.

Review On Nasdaq Composite Index

Nasdaq Composite Weekly Chart

I n the weekly chart, the Nasdaq composite is trading in strong up trend. The RSI(14) is returning from the overbought region; the 70 level and now is at 68.20, the slow stochastics is also in the overbought region. The MACD histogram is also sloping down. Volumes are decreasing. All this show some correction is possible.

Nasdaq Composite Daily Chart

The above observation ,”A small correction is possible” is confirmed by the daily chart of Nasdaq Composite. The RSI(14) has dipped below the 70 level and is at 55.94 level and the MACD has crossed below signal line. The slow Stochastic has also dipped blow the 80 level, the overbought level. All this conclude that correction has started. The price has broken the support given by the 20 day simple moving average in intra day basis. The next support is at 2621.32 by 50 day simple moving average.

Gold Forming Triple Top Chart Pattern

The Gold is forming Triple top chart pattern from 9 Nov 2010 to 3 Jan 2011. This is bearish chart pattern. The Gold is trading at 1369.68 on closing basis, there is strong resistance at the level of 1395.04 posed by the 20 and 50 day simple moving averages. The support is at 1346.76 by the 100 day simple moving average.

The RSI(14) is forming descending high or in down trend, trading below 50 level, which is bearish sign. The same is true for MACD. MACD has crossed blow signal line and is trading below zero level.

All this confirms that there is still weakness left in gold.

Advanced Trend Lines with S & R

This AFL draws support and resistance lines with trend lines. Just save it in your custom folder of Amibroker and drag and drop in blank pane.

_SECTION_BEGIN("Advanced Trend Lines");
function GetXSupport(Lo, Percentage, Back)
{
 return ((BarCount - 1) - LastValue(TroughBars(Lo, Percentage,Back)));
}
function GetYSupport(Lo, Percentage, Back)
{
 return (LastValue(Trough(Lo, Percentage, back)));
}

function GetXResistance(Hi, Percentage, Back)
{
 return ((BarCount - 1) -LastValue(PeakBars(Hi, Percentage, Back)));
}
function GetYResistance(Hi, Percentage, Back)
{
 return (LastValue(Peak(Hi, Percentage, Back)));
}
function TD_Supply(P)
{
    return ( P > Ref(P, 1) AND P > Ref(P, -1) AND P > Ref(C, -2));
}
function TD_Demand(P)
{
    return ( P < Ref(P, 1) AND P < Ref(P, -1) AND P < Ref(C, -2));
}
////////////////////////////////////////////////////////////////////////
//Parameters
Percentage     = Param("Percentage", 1.5, 0.01, 100. ,0.01);
DrawAllLines     = ParamToggle("Draw All Lines?", "No|Yes");
Lines             = Param("Lines?", 1, 1, BarCount-2);
DrawR             = ParamList("Resistance Points", "Off|High to High|High to Low", 1);
DrawS             = ParamList("Support Points", "Off|Low to Low|Low to High", 1);
ShowTDP         = ParamToggle("Show TD Pionts", "No|Yes", 1);
AllOrDownR     = ParamToggle("Resistance Direction", "All|Down");
AllOrUpS         = ParamToggle("Support Direction", "All|Up");
ShowSR            = ParamToggle("Show Vert S/R","No|Yes", 1);
SRPer            = Param("S/R Percentage", 3, 1);
SRBack            = Param("S/R Back", 5, 1);
str = "";
Res = Sup = 0;
Con = 1;
////////////////////////////////////////////////////////////////////////
Main = C;
Con = ConS = ConR = 1;
if(DrawS=="Low to Low")
{
    Support1 = L;
    Support2 = L;
}
else
{
    Support1 = L;
    Support2 = H;
}
if(DrawR=="High to High")
{
    Resistance1 = H;
    Resistance2 = H;
}
else
{
    Resistance1 = H;
    Resistance2 = L;
}
////////////////////////////////////////////////////////////////////////
//Plotting Area
Plot(Main, "", IIf(C>O,colorGreen, colorRed), styleCandle);
if(DrawAllLines)
for(i = 2; i<=Lines+1; i++)
{
    if(DrawS!="Off")
    {
        x0 = GetXSupport(Support1, Percentage, i);
        x1 = GetXSupport(Support2, Percentage, i-1);
        y0 = GetYSupport(Support1, Percentage, i);
        y1 = GetYSupport(Support2, Percentage, i-1);
        x = LineArray(x0, y0, x1, y1, 1);
        if(AllOrUpS) ConS = StrToNum(NumToStr(y0 < y1));
        if(Con AND ConS)
            Plot(x, "", IIf(LastValue(C) < LastValue(x), colorBlue,colorLightBlue),
styleLine|styleThick);
    }
    if(DrawR!="Off")
    {
        x0 = GetXResistance(Resistance1, Percentage, i);
        x1 = GetXResistance(Resistance2, Percentage, i-1);
        y0 = GetYResistance(Resistance1, Percentage, i);
        y1 = GetYResistance(Resistance2, Percentage, i-1);
        x = LineArray(x0, y0, x1, y1, 1);
        if(AllOrDownR) ConR = y0 > y1;
        if(Con AND ConR)
            Plot(x, "",  IIf(LastValue(C) < LastValue(x), colorBlue,colorLightBlue),
styleLine|styleThick);
    }
}
else
{
    if(DrawS!="Off")
    {
        x0 = GetXSupport(Support1, Percentage, Lines+1);
        x1 = GetXSupport(Support2, Percentage, Lines);
        y0 = GetYSupport(Support1, Percentage, Lines+1);
        y1 = GetYSupport(Support2, Percentage, Lines);
        x = LineArray(x0, y0, x1, y1, 1 );
        Sup = LastValue(LinRegSlope(x, Lines+1));
        if(AllOrUpS) ConS = y0 < y1;
        if(Con AND ConS)
            Plot(x, "", IIf(LastValue(C) < LastValue(x), colorBlue,colorLightBlue),
styleLine|styleThick);
    }
    if(DrawR!="Off")
    {
        x0 = GetXResistance(Resistance1, Percentage, Lines+1);
        x1 = GetXResistance(Resistance2, Percentage, Lines);
        y0 = GetYResistance(Resistance1, Percentage, Lines+1);
        y1 = GetYResistance(Resistance2, Percentage, Lines);
        x = LineArray(x0, y0, x1, y1, 1 );
        Res = LastValue(LinRegSlope(x, Lines+1));
        if(AllOrDownR) ConR = y0 > y1;
        if(Con AND ConR)
            Plot(x, "",  IIf(LastValue(C) < LastValue(x), colorBlue,colorLightBlue),
styleLine|styleThick);
    }
str = "\nR Slope=("+Res+"), S Slope=("+Sup+")";
}

if(ShowTDP)
{
    PlotShapes(TD_Supply(H)*shapeSmallCircle, colorRed, 0, H, H*.001);
    PlotShapes(TD_Demand(L)*shapeSmallCircle, colorGreen, 0, L, -L*.001);
}
if(ShowSR)
{
    for(i=1; i<=SRBack; i++)
    {
        x0 = GetXSupport(L, SRPer, i);
        x1 = BarCount-1;
        y0 = GetYSupport(L, SRPer, i);
        x = LineArray(x0, y0, x1, y0, 0);
        Plot(x, "", IIf(LastValue(C) > x, colorDarkGreen, colorDarkRed),
styleLine|styleDashed|styleThick);
        x0 = GetXResistance(H, SRPer, i);
        y0 = GetYResistance(H, SRPer, i);
        x = LineArray(x0, y0, x1, y0, 0);
        Plot(x, "", IIf(LastValue(C) > x, colorDarkGreen, colorDarkRed),
styleLine|styleDashed|styleThick);

    }
}
Title =FullName()+" ({{NAME}})\n{{DATE}}\n"+"Open: "+O+", Hi: "+H+", Lo: "+L+",
Close: "+C+StrFormat(" (%.2f  %.2f\%)", C-Ref(C, -1), SelectedValue(ROC(C,
1)))+str;

_SECTION_END();

Murrey Math Price Lines

 

Click to enlarge image.

Use it as an indicator on price chart in Amibroker. The line will show reversal points on the chart.
_SECTION_BEGIN("Murrey Math Price Lines");
/*
//       $Archive: /AFL.root/AFL/YofaTrader/Custom/Murrey Math Price
Lines.afl.cs $          
//          $Date: 08.03.29 22:57 $        
//       $Modtime: 08.03.29 22:52 $      
//      $Revision: 15 $     
//      $Workfile: Murrey Math Price Lines.afl.cs $       
*/

ParamShowLevel=ParamList("Show harmonic levels", "1/8|1/4|1/2", 1 );
ParamShowLabel=ParamStyle("Show harmonic labels", styleNoLabel, styleNoLabel);

if(Status("action") ==1)  //indicator
{
    LastVisibleIndex = LastValue(Status("lastvisiblebarindex"));
    if (LastVisibleIndex > BarCount -1) //to avoid errors is case of cursor is behind the last bar
        LastVisibleIndex = BarCount-1;
    TotalVisibleBars = LastVisibleIndex -
LastValue(Status("firstvisiblebarindex")) + 1;
}
else
{
    LastVisibleIndex = BarCount -1;
    TotalVisibleBars = BarCount;
}

HHScreen = HHV(High, TotalVisibleBars);
LLScreen = LLV(Low,  TotalVisibleBars);
PRScreen = HHScreen[LastVisibleIndex] - LLScreen[LastVisibleIndex]; //Price range

PriceRangeVisible = PRScreen * 1.1;
MiddleVisible = (HHScreen[LastVisibleIndex] + LLScreen[LastVisibleIndex]) /2;
HighestVisible= MiddleVisible + PriceRangeVisible / 2;
LowestVisible = MiddleVisible - PriceRangeVisible / 2;

SquareBase = 0.1953125;

if (HighestVisible > 0.390625)
    { SquareBase = 1.5625; }

if (HighestVisible > 1.5625)
    { SquareBase = 3.125; }
   
if (HighestVisible > 3.125)
    { SquareBase = 6.25; }
   
if (HighestVisible > 6.25)
    { SquareBase = 12.5; }
   
if (HighestVisible > 25)
    { SquareBase = 100; }
           
if (HighestVisible > 250)
    { SquareBase = 1000; }
   
if (HighestVisible > 2500)
    { SquareBase = 10000; }
   
if (HighestVisible > 25000)
    { SquareBase = 100000; }

ShowLevel = 1;

PriceStep = SquareBase / 8;
while ( PriceRangeVisible / 4 <= PriceStep AND ShowLevel < 4)
{
    PriceStep = PriceStep / 8;
    ShowLevel++;
}

//Lowest,highest harmonic value to show on the panel
LowerValue  = floor(LowestVisible  / PriceStep) * PriceStep;
HigherValue = ceil(HighestVisible / PriceStep) * PriceStep;

Octave1PriceStep = SquareBase / 8;
Octave2PriceStep = SquareBase / 64 ;
Octave3PriceStep = SquareBase / 512;

Harmonic = LowerValue;

//iterate from low to high values
while( Harmonic <= HigherValue )
{
    style = styleDashed; // 1/8, 3/8, 5/8, 7/8 lines of any level
    color = colorGreen;  //1/8, 7/8
    if ((Harmonic / PriceStep) % 8 == 1 OR (Harmonic / PriceStep) % 8 == 7)
        color = colorYellow; // 3/8, 5/8
    if (ParamShowLevel != "1/8")
        style = styleNoLine;
       
    if ((Harmonic / PriceStep) % 2 == 0) // 1/4, 3/4 lines of any level
    {
        style = styleDashed;
        color = colorPink;
        if (ParamShowLevel == "1/2")
            style = styleNoLine;
    }
    
    if ((Harmonic / PriceStep) % 4 == 0) // 1/2 line of any level
    {
        style = styleDashed;
        color = colorBlue;
    }
   
    if ((Harmonic / PriceStep) % 8 == 0) // 1/1 line of Baby level
    {
        color = colorBlue;
        style = styleLine;
        if ((Harmonic / Octave3PriceStep) % 64 == 0) // 1/1 line of Minor level

        {
             style = styleThick; // 1/1 /Level Minor
        }
    }
   
    if (style != styleNoLine)  //if there is a line to plot... (avoid printing unused labels)
    {
        style = style + ParamShowLabel;
        Plot( Harmonic, "", color, style);
    }
   
    Harmonic = Harmonic + PriceStep;
}
_SECTION_END();

SILVER On 13 Jan 2011

via StockCharts.com


The silver has corrected and taken support at 28.32 at 20 day simple moving average on 7 Jan 2011 and now it is has started to move up since three days. The RSI is rising and above the 50 level at 55.43. Today the silver has broken the resistance cause by the 20 day simple moving average and the closing is at 29.65 on 12 Jan 20011. The silver is in strong up trend.The recent target for the silver is 31.21 in short term.

Dow Jones Industrial

 

As I have mentioned the Dow Jones Industrial is trading in the strong up trend and there is on need to worry. All the early signs of weakness has gone away. After taking support at 20 day simple moving average, it has started to move up to the psychological 12,000 level.

Dow Jones Industrial

Dow Jones Industrial is trading in strong up trend. It is trading above all the simple moving averages say 20, 50, 100, 200 day simple moving averages. Though some minor signs of weakness are visible on the chart as it has closed below the openings for two days, +DI has changed the direction below and the MACD is flat but until it does not break through the 20 day simple moving average, there is no need to worry.

Profit Table

Click to enlarge the image.

This  AFL draws profit table of any stock. Just apply it as indicator, it will draw profit table. Very useful afl.

_SECTION_BEGIN("3. Profit Table");
eq = C;

yr = Year();
mo = Month();

YearChange = yr != Ref( yr, -1 );
MonChange = mo != Ref( mo, -1 );

FirstYr = 0;
LastYr = 0;

startbar = 0;

////////////////////////////
// SKIP non-trading bars
////////////////////////////
for( i = 0; i < BarCount; i++ )
{
  if( eq[ i ] )
  {
    startbar = i;
    break;
  }
}

////////////////////////////
// collect yearly / monthly changes in equity
// into dynamic variables
////////////////////////////

LastYrValue = eq[ startbar  ];
LastMoValue = eq[ startbar  ];

MaxYrProfit = MinYrProfit = 0;
MaxMoProfit = MinMoProfit = 0;

for( i = startbar + 1; i < BarCount; i++ )
{
  if( YearChange[ i ] || i == BarCount - 1 )
  {
    Chg = 100 * ( -1 + eq[ i ] / LastYrValue );
    VarSet("ChgYear"+ yr[ i - 1 ], Chg );

    MaxYrProfit = Max( MaxYrProfit, Chg );
    MinYrProfit = Min( MinYrProfit, Chg );

    if( FirstYr == 0 ) FirstYr = yr[ i - 1 ];
    LastYr = yr[ i ];

    LastYrValue = eq[ i ];
  }

  if( MonChange [ i ] || i == BarCount - 1 )
  {
    mon = mo[ i - 1 ];

    Chg = 100 * ( -1 + eq[ i ] / LastMoValue );

    VarSet("ChgMon" + yr[ i - 1 ] + "-" + mon, Chg );
    VarSet("SumChgMon"+ mon, Chg + Nz( VarGet("SumChgMon"+ mon ) ) );
    VarSet("SumMon" + mon, 1 + Nz( VarGet("SumMon"+ mon ) ) );

    MaxMoProfit = Max( MaxMoProfit, Chg );
    MinMoProfit = Min( MinMoProfit, Chg );

    LastMoValue = eq[ i ];
  }
}

/////////////////////////////////////////////////
// Drawing code & helper functions
////////////////////////////////////////////////

GfxSetOverlayMode( 2 );

CellHeight = (Status("pxheight")-1)/(LastYr - FirstYr + 3 );
CellWidth = (Status("pxwidth")-1)/14;
GfxSelectFont( "Tahoma", 8.5 );

GfxSetBkMode( 1 );

function PrintInCell( string, row, Col )
{
 Color =  ColorRGB( IIf( row == 0 || col == 0 || col == 13, 220, 255 ), 255, IIf( row % 2, 255, 220 ) );
 GfxSelectSolidBrush( Color   );
 GfxRectangle( Col * CellWidth,
                    row * CellHeight, (Col + 1 ) * CellWidth + 1,
                    (row + 1 ) * CellHeight  + 1);
 GfxDrawText( string, Col * CellWidth + 1,
                    row * CellHeight + 1,
                    (Col + 1 ) * CellWidth, (row + 1 ) * CellHeight, 32+5 );
}

YOffset = 25;
XOffset = 15;

function DrawBar( text, bar, numbars, y, Miny, Maxy )
{
 BarWidth = (Status("pxwidth") - 4 * XOffset )/( numbars + 1 );
 BarHeight = Status("pxheight") - 2 * YOffset;
 relpos = ( y - Miny ) / (Maxy - Miny );

 xp = XOffset + ( bar + 0.5 ) * BarWidth;
 yp = YOffset + BarHeight * ( 1 - relpos );
 xe = XOffset + ( bar + 1 ) * BarWidth;
 ye = YOffset + BarHeight * ( 1 - ( -miny )/( maxy - miny ) );
 
 if( y > 0 )
 {
 GfxGradientRect( xp, yp,
                  xe , ye,
                  ColorHSB( 70, 255 * relpos, 255 ), ColorHSB( 70, 20, 255 ) );
 }
 else
 {
 GfxGradientRect( xp, ye,
                  xe , yp,
                  ColorHSB( 0, 20, 255 ), ColorHSB( 0, 255 * ( 1 - relpos ), 255 ) );
 }
 GfxTextOut( text, xp, ye );
 GfxTextOut( StrFormat("%.2f", y ), xp, yp );
}   

function DrawLevels( Miny, Maxy )
{
  range = Maxy - Miny;

  grid = 100;
  if( range < 10 ) grid = 1;
  else
  if( range < 20 ) grid = 2;
  else
  if( range < 50 ) grid = 5;
  else
  if( range < 100 ) grid = 10;
  else
  if( range < 200 ) grid = 20;
  else
  if( range < 500 ) grid = 50;

  _TRACE("grid = "+grid +" range "+range );
 
  width = Status("pxwidth") - 4 * XOffset;
  height = Status("pxheight") - 2 * YOffset;

  GfxSelectPen( colorBlack, 1, 2 );
  for( y = grid * ceil( Miny / grid ); y <= grid * floor( Maxy / grid ); y += grid )
  {
    yp =  YOffset + Height * ( 1 -  ( y - Miny ) / (Maxy - Miny ) );

    GfxMoveTo( XOffset, yp );
    GfxLineTo( XOffset + width , yp );
    GfxTextOut( ""+ y, XOffset + 2 + width, yp );
  }

  GfxSelectPen( colorBlack, 1, 0 );
  GfxMoveTo( XOffset, YOffset );
  GfxLineTo( XOffset + width, YOffset );
  GfxLineTo( XOffset + width, YOffset + Height );
  GfxLineTo( XOffset , YOffset + Height );
  GfxLineTo( XOffset , YOffset );
}

MonthNames = "Jan,Feb,Mar,Apr,May,Jun,Jul,Aug,Sep,Oct,Nov,Dec";

function DisplayProfitTable( )
{
 Header = "Year,"+MonthNames+",Yr%";
 for( Col = 0; (Colname = StrExtract( Header, Col ) ) != ""; Col++ )
 {
  PrintInCell( ColName, 0, Col );
 }

 Row = 1;
 for( y = FirstYr; y <= LastYr; y++ )
 {
  PrintInCell( StrFormat("%g", y ), Row, 0 );
  PrintInCell( StrFormat("%.1f%%", VarGet("ChgYear" + y ) ), Row, 13 );
  for( m = 1; m <= 12; m++ )
  {
   Chg = VarGet("ChgMon" + y + "-" + m);
   if( Chg )
     PrintInCell( StrFormat("%.1f%%", Chg ), Row, m );
   else
     PrintInCell( "N/A", Row, m );
  }
  Row++;
 }

 PrintInCell("Avg", Row, 0 );
 for( m = 1; m <= 12; m++ )
 {
   PrintInCell( StrFormat("%.1f%%",  Nz( VarGet("SumChgMon" + m)/VarGet("SumMon" + m ) ) ), Row, m );
 }

}

function DisplayYearlyProfits()
{
 Bar = 0;
 for( y = FirstYr; y <= LastYr; y++ )
 {
   Chg = VarGet("ChgYear" + y );
   DrawBar( ""+y, Bar++, ( LastYr - FirstYr + 1 ), Chg, MinYrProfit, MaxYrProfit );
 }
 GfxTextOut("Yearly % Profit chart", 10, 10 );

 DrawLevels( MinYrProfit, MaxYrProfit );
}

function DisplayMonthlyProfits()
{
 Bar = 0;

 MinAvgProf = MaxAvgProf = 0;
 for( y = 1; y <= 12; y++ )
 {
   Chg = VarGet("SumChgMon" + y ) / VarGet("SumMon" + y );
   MinAvgProf = Min( MinAvgProf, Chg );
   MaxAvgProf = Max( MaxAvgProf, Chg );
 }

 for( y = 1; y <= 12; y++ )
 {
   Chg = VarGet("SumChgMon" + y ) / VarGet("SumMon" + y );
   DrawBar( StrExtract(MonthNames, y-1 ), Bar++, 13, Chg, MinAvgProf , MaxAvgProf );
 }
 GfxTextOut("Avg. Monthly % Profit chart", 10, 10 );

 DrawLevels( MinAvgProf , MaxAvgProf );
}

///////////////////////////
// This function checks if currently selected symbol
// is portfolio equity
//////////////////////////
function CheckSymbol()
{
 if( Name() != "~~~EQUITY" )
 {
  GfxSelectFont( "Tahoma", 20 );
  GfxSetBkMode( 2 );
  //GfxTextOut("For accurate results switch to ~~~EQUITY symbol", 10, 10 );
 }
}

////////////////////////////
// Main program - chart type switch
////////////////////////////
type = ParamList("Chart Type", "Profit Table|Yearly Profits|Avg. Monthly Profits", 0 );

switch( type )
{
 case "Profit Table":
         DisplayProfitTable(); 
         break;
 case "Yearly Profits":
         DisplayYearlyProfits();
         break;
 case "Avg. Monthly Profits":
         DisplayMonthlyProfits();
         break;
}

CheckSymbol();
_SECTION_END();

Garware Polyester

The stock is trading at 173.10 on 5-1-2011 after the correction of almost 61%. The stock is showing potential to go up. The stock has taken the support at 200 day simple moving average. The short term resistances are posed by the 50 day and 100 day moving averages at the levels of 193.39 and 208.87.

The MACD has crossed above the signal line and RSI is rising above 50 level at 52.77. The +DI has crossed above the -DI. The ADX is rising and at 29.95. All this indicate that the stock has gained potential to rise.

The market cap of the stock is 401.71 Cr.The PE Ratio of the stock is 5.23 and that of industry is 12.92 . The EPS(TTM) of the stock is 33.30. The quarterly financial results ending September 2010 are satisfactory.

Recommendation:

Buy this stock for a target of 193 and with stop loss of 167 for short term.

Buy this stock for a target of 273 and with stop loss of 157 for medium term.

ONGC

The ongc is forming descending triangle formation. There is resistance posed by the three simple moving averages say 20, 50 and 100 day. This resistance is pretty difficult to break. The support are due to 200 day simple moving average at 1240.84 and the another resistance level at 1204.69. The MACD is trading below the zero line and has crossed below the signal line. RSI is also sloping down and trading at43.74. The -DI has crossed below +DI and ADX is at 30.42 . All these indicators shows that the stock may go down further. The up side is limited than the down side.

The market cap of the stock is 275700.67 cr.The PE Ratio of the stock is 17.38 and that of industry is 16.72. The EPS(TTM) of the stock is 74.24. The yearly financial results ending Mar 2010 and quarterly financial results ending September 2010 are satisfactory.

Recommendation: If stock goes below the level of 1204.69 with volumes then one can short this stock for a target of 1137 with a stop loss of 1180.

Bhushan steels

Click to enlarge the image.

The above chart is shown after adjusting the stock split.

After taking support at 20 day and 100 day simple moving average, the stock has started to rise . The only minor resistance is due to 50 day simple moving average. Once this resistance is crossed it will have next resistance at the level of 540 which will be its target in short term.The MACD has crossed above the signal line. The RSI is rising. +DI will soon cross -DI above.There are some bullish and some bearish sign but the overall picture is in favor of buy.

The market cap of the stock is 10293.01.The PE Ratio of the stock is 11.03 and that of industry is 11.78. The EPS(TTM) of the stock is 43.94. The yearly financial results ending Mar 2010 and quarterly financial results ending September 2010 are good only EPS is decreased.

Recommendation: One can buy this stock for a target of 540 and with a stop loss of 452. The closing price on 31-12-2010 was 473.90.

LIC Housing Finance

Click image to enlarge.

The above chart is shown after adjusting the stock split.

The stock has taken the support at a level of 165. The stock price is above the 20 day simple moving average. The MACD has crossed above the signal line. The RSI is rising. +DI will soon cross -DI above.There are some bullish and some bearish sign but the overall picture is in favor of buy.

The market cap of the stock is 9315.26 .The PE Ratio of the stock is 2.29 and that of industry is 31.65. The EPS(TTM) of the stock is 85.67. The yearly financial results ending Mar 2010 and quarterly financial results ending September 2010 are good.

Recommendation: One can buy this stock for a target 219 of and with a stop loss of 185. The closing price on 31-12-2010 was 195.40. Once the first target is met, the other targets are 228.19 and 244.58.

YESBANK

The YESBANK is having support at 20 day simple moving average and 200 day simple moving average at 304.10. The MACD has crossed above the signal line and trading at -5.69. The RSI is rising and trading at 47.11. The +DI has crossed above the -DI. All this indicate early buy signal. The combined resistance posed by 50 day and 100 day simple moving average at 330.81.

The market cap of the stock is 10795.97 .The PE Ratio of the stock is 18.03 and that of industry is 28.80. The EPS of the stock is 17.34.

Recommendation Closing price on 30-12-2010 is 312.70. One can trade in this stock for a target of 330.81 and a stop loss of 304.10 for short term.

BSE Mid Cap Index-MIDCAP

The BSE Mid Cap index, MIDCAP has broken through the resistance of 7669.64 and trading above 200 day simple moving average. It has started to rise after a correcton. The MACD has crossed above the signal line but still is below the zero line. The RSI is also rising and is at 48.13. The +DI has crossed -DI in above direction, all these are bullish signs. The only major combined resistance posed by 50 and 100 day simple moving average is at 8041.04. From level 7669.64 to 8041.04 i.e. 4.84%, there is no resistance, One can trade safely in this period in selective mid cap stocks. After this level is broken then the bulls will be in dominance.

BSE Small Cap Index-SMLCAP

After a correction, the small cap index has started to rise. The MACD has crossed the signal line above but still trading below zero line. The RSI has started to rise and now at a level of 48.73. The index is currently above 200 day moving average. The only major combind resistance posed by 50 day moving average and 100 day moving average is at 10,096.97. It is safe to trade in selective small cap stocks for a upside of about 6% in short term.   

Happy New Year

This is the afl to wish you happy new year.

_SECTION_BEGIN("New Year");
for( i = 1; i < BarCount; i++ )
z = (GetPerformanceCounter()/100)%30;
y = (GetPerformanceCounter()/100)%255;
Col=ColorHSB( ( i + y ) % 256, 255, 255 );
x=Cum(1);L1=LastValue(x);
F=StochD()+30*sin(Cum(1/5))+20*sin(10*Cum(1/10));
RequestTimedRefresh(1);
Plot(F,"",Col+z,styleNoLine+styleNoLabel);
PlotShapes(shapeStar*(F>95)*(X>L1-180),1+(x%35)+z);
PlotShapes(shapeHollowStar*(F<30>10)*(X>L1-180),Col);
y0=20;y1=60;y=0.5*(y0+y1);Plot(0,"",1,styleNoLine+ styleNoLabel);
Plot(y0+y1,"",3,styleNoLine+styleNoLabel);
n=4;d0=140;dd=10;

d=d0;Plot(LineArray(x[L1-d],y0[d],x[L1-d+1],y1[d],0),"",3,1);
Plot(LineArray(x[L1-d-1],y[L1-d-1],x[L1-d-1+5],y[L1-d-1+4],0),"",3,1);
d1=d-n;Plot(LineArray(x[L1-d1],y0[d1],x[L1-d1+1],y1[d1],0),"",3,1);

d=d0-dd;Plot(LineArray(x[L1-d],y0[d],x[L1-d+1],y1[d],0),"",3,1);
Plot(LineArray(x[L1-d-1],y[L1-d-1],x[L1-d-1+5],y[L1-d-1+4],0),"",3,1);
Plot(LineArray(x[L1-d-1+1],y1[L1-d-1],x[L1-d-1+5+1],y1[L1-d-
1+4],0),"",3,1);
d1=d-n;Plot(LineArray(x[L1-d1],y0[d1],x[L1-d1+1],y1[d1],0),"",3,1);

d=d-dd;Plot(LineArray(x[L1-d],y0[d],x[L1-d+1],y1[d],0),"",3,1);
Plot(LineArray(x[L1-d-1],y[L1-d-1],x[L1-d-1+5],y[L1-d-1+4],0),"",3,1);
Plot(LineArray(x[L1-d-1+1],y1[L1-d-1],x[L1-d-1+5+1],y1[L1-d-
1+4],0),"",3,1);
d1=d-n;Plot(LineArray(x[L1-d1],y[d1],x[L1-d1+1],y1[d1],0),"",3,1);

d=d-dd;Plot(LineArray(x[L1-d],y0[d],x[L1-d+1],y1[d],0),"",3,1);
Plot(LineArray(x[L1-d-1],y[L1-d-1],x[L1-d-1+5],y[L1-d-1+4],0),"",3,1);
Plot(LineArray(x[L1-d-1+1],y1[L1-d-1],x[L1-d-1+5+1],y1[L1-d-
1+4],0),"",3,1);
d1=d-n;Plot(LineArray(x[L1-d1],y[d1],x[L1-d1+1],y1[d1],0),"",3,1);

d=d-dd;Plot(LineArray(x[L1-d],y0[d],x[L1-d+3],y1[d],0),"",3,1);
Plot(LineArray(x[L1-d],y1[d],x[L1-d+1],y[d],0),"",3,1);

d=d-2*dd;Plot(LineArray(x[L1-d],y0[d],x[L1-d+1],y1[d],0),"",3,1);
d1=d-n;Plot(LineArray(x[L1-d1],y0[d1],x[L1-d1+1],y1[d1],0),"",3,1);
Plot(LineArray(x[L1-d+1],y1[d],x[L1-d+4],y0[d],0),"",3,1);

d=d-dd;Plot(LineArray(x[L1-d],y0[d],x[L1-d+1],y1[d],0),"",3,1);
Plot(LineArray(x[L1-d-1],y[L1-d-1],x[L1-d-1+5],y[L1-d-1+4],0),"",3,1);
Plot(LineArray(x[L1-d-1+1],y1[L1-d-1],x[L1-d-1+5+1],y1[L1-d-
1+4],0),"",3,1);
Plot(LineArray(x[L1-d-1+1],y0[L1-d-1],x[L1-d-1+5+1],y0[L1-d-
1+4],0),"",3,1);

d=d-dd;Plot(LineArray(x[L1-d],y0[d],x[L1-d+1],y1[d],0),"",3,1);
Plot(LineArray(x[L1-d],y0[L1-d-1],x[L1-d-1+4],y[L1-d-1+3],0),"",3,1);
d1=d-n+1;Plot(LineArray(x[L1-d1],y[d1],x[L1-d1+2],y0
[d1],0),"",3,1);d=d-5;
Plot(LineArray(x[L1-d],y0[d],x[L1-d+1],y1[d],0),"",3,1);

d=d-dd;Plot(LineArray(x[L1-d],y0[d],x[L1-d+3],y1[d],0),"",3,1);
Plot(LineArray(x[L1-d],y1[d],x[L1-d+1],y[d],0),"",3,1);

d=d-7;Plot(LineArray(x[L1-d],y0[d],x[L1-d+1],y1[d],0),"",3,1);
Plot(LineArray(x[L1-d-1],y[L1-d-1],x[L1-d-1+5],y[L1-d-1+4],0),"",3,1);
Plot(LineArray(x[L1-d-1+1],y1[L1-d-1],x[L1-d-1+5+1],y1[L1-d-
1+4],0),"",3,1);
Plot(LineArray(x[L1-d-1+1],y0[L1-d-1],x[L1-d-1+5+1],y0[L1-d-
1+4],0),"",3,1);

d=d-dd;Plot(LineArray(x[L1-d],y0[d],x[L1-d+1],y1[d],0),"",3,1);
Plot(LineArray(x[L1-d-1],y[L1-d-1],x[L1-d-1+5],y[L1-d-1+4],0),"",3,1);
Plot(LineArray(x[L1-d-1+1],y1[L1-d-1],x[L1-d-1+5+1],y1[L1-d-
1+4],0),"",3,1);
d1=d-n;Plot(LineArray(x[L1-d1],y0[d1],x[L1-d1+1],y1[d1],0),"",3,1);

d=d-dd;Plot(LineArray(x[L1-d],y0[d],x[L1-d+1],y1[d],0),"",3,1);
Plot(LineArray(x[L1-d-1],y[L1-d-1],x[L1-d-1+5],y[L1-d-1+4],0),"",3,1);
Plot(LineArray(x[L1-d-1+1],y1[L1-d-1],x[L1-d-1+5+1],y1[L1-d-
1+4],0),"",3,1);
d1=d-n;Plot(LineArray(x[L1-d1],y[d1],x[L1-d1+1],y1[d1],0),"",3,1);
Plot(LineArray(x[L1-d],y[d],x[L1-d+5],y0[d],0),"",3,1);
Title="HAPPY NEW YEAR 2011";
_SECTION_END();