LIVE Market Technicals with CK Narayan

If you care to look at technical charts before taking investment/trading decisions in the stock market, this is the place you should be visiting regularly. CK Narayan of Chart Advise, Dalal Street's most seasoned and arguably senior-most expert in market technicals, will share his technical tips on the go right here on this page. Stay logged in!

Revival seen in Bharti
The selling seems to have eased and the prices have sprung back. In the Momentum Dials (courtesy Neotrader), note the different position of Momenum in the three time frames. In the Intraday (left) the momentum is positive and its moved swiftly too as can be seen by the reversal dial below it. In the multiday (middle), the momentum signals had reached deep oversold. In the multiweek (right) note that the dial is already headed towards oversold and reversal signals of momentum too have started becoming visible. In the panel above the dials we can see that the prices are still quite a bit below the Ichimoku set ups. So we have to treat the current bounce as an oversold rally. But it may have room till Rs 510 levels or so before it reaches resistance.

Ashok Leyland: Stock eyes Rs 91 level
We saw some brisk price action yesterday in Ashok Leyland and stock gained handsomely. We saw some brisk short covering occur too in the futures. If rise continues, we may start seeing fresh OI build up from today too. The immediate resistance is seen around Rs 82 levels but the bigger supply zone is around Rs 91 and the stock may attempt a rise to those levels in the coming set of days.

Trent: Rally to continue in stock
The recent news flow in Rel Retail has had a runoff effect on other retail counters like Trent. Prices have picked up once again and are seen headed higher. The stock has been on a good uptrend already and this news flow only leads to furtherance of the trend. The next big high to challenge lies at Rs 800 and it seems like Trent may reach that and even overhaul it in the near term.

Apollo Tyre eyes higher levels
The rise in Apollo Tyre has been slow but quite steady. Moving through a sequence of higher tops and bottoms, the stock managed to rebuff bearish attempts in the last week or more to revive the trend yet again. In the process, the stock is now about to take on a resistance at the 50% retracement of the decline. Momentum pick up suggests that this attempt may be successful, in which case a continuation towards Rs 133/136/140 targets seem likely.