TECHNICAL ANALYSIS

Tech stocks not in rally to lead slide

Mayur Shah
Posted: Sunday, Dec 28, 2008 at 2203 hrs IST
Updated: Sunday, Dec 28, 2008 at 2203 hrs IST

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: is closer to its earlier intermediate low. The stock traded sideways in November and as a result the relative strength line for the stock was weak. The stock has a support between 455 and 465 and a close below this level will confirm that the intermediate trend has turned down and position traders can look for short positions in the stock. Currently the stop for this short position is at 519 and this will be lowered one the stock after the next minor rise. On the weekly chart, the stock has a support at 340 and the stock could decline to this support level.

Wipro

The formation on all the three charts discussed today are similar. Wipro is also trading sideways in the current month and did not participate in the intermediate rally. The stock has a support between 218 and 221 and a close below this support will mean lower levels towards the weekly support of 145. Keep a close watch on these stocks and look for short positions if the stock and the indices gain momentum on the downside.

For more details contact mayur_s@vsnl.com...

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