Technical Calls 10 December 2009

LIC Hsg Finance (826.80)

Stock is continuously making lower highs and lower lows pattern since last six days and yesterday first time stock has broken 34DEMA support after 5 November. Although volume in down days is low compare to up days. Daily Momentum indicators are giving sell signal and Weekly RSI exhibiting weakness. Over all scenario for the stock is murky. Trader with moderate Risk appetite can Sell below Rs.823 with tight stop loss of Rs.835 for a Target of Rs.795.

IVRCL (380.75)

Stock has formed “Long White Candle” bullish candle stick pattern with strong volume breakout on daily chart. 3 DEMA has given positive cut to 8 DEMA from below which suggest momentum is likely to continue. Daily RSI, Stochastic and MACDh are giving strong buy signal. Trader with moderate risk appetite can buy above Rs.381 with tight stop loss of Rs.374 for a Target of Rs.397.

TTML (28)

Stock has broken consolidation phase and formed “Long White Candle” Bullish candle stick pattern with strong volume breakout on daily chart. Stock has given positive close above 34 DEMA, which suggest uptrend is likely to continue. Weekly RSI and Daily RSI are also giving strong buy signal for momentum traders. Looking at all above Evidence Trader can Buy above Rs.28 with Tight stop loss of RS.26 for a Target of Rs.33-Rs.34.