CHANNELS.INDIA – LATE ECONOMIC UPDATE
SUMMARY: OIL AND NATURAL GAS DAILY (ONGC). ANTICIPATED AND HAPPENED As anticipated, prices broke true trendline supports. Moving average crossover has turned negative again. Below psychological 1,000 levels we get more negative confirmation. RELIANCE ENERGY DAILY (RLIN). ANTICIPATED AND HAPPENED As anticipated, prices broke key supports near 1,100 levels and pushed lower. What we see now seems more like a retest of respective levels rather than anything else. Below 1,100 we remain negative. ACC DAILY (ACC) Prices continued to hold the minor trend channel up. Key resistance levels lie at 850. NTPC DAILY (NTPC) Prices are retesting neckline levels for the third time. A clear break above key 210 levels would challenge our negative view. RANBAXY DAILY (RANB). ANTICIPATED AND HAPPENED Prices continued to push lower till trend channel supports. Moving average crossover is still negative. We need a clear break below key 240 levels to continue to look lower. CIPLA DAILY (CIPL) Prices are heading to key resistance levels at 280. ITC DAILY (ITC) Prices pushed higher till key levels at 215. This is a key resistance area.
CHANNELS.INDIA is our second perspective product published on MONDAY, WEDNESDAY and FRIDAY. The report uses conventional technical tools and covers most top traded stocks. The report illustrates key price levels, price targets, price projections and time turn windows. WAVES.INDIA, CHANNELS.INDIA are bundled together as PERSPECTIVE products. Unlike WAVES which focuses more on blue chips, CHANNELS covers the other mid cap and small cap stocks also. CHANNELS.INDIA carries the Early Economic cycle sector components, which includes FINANCIAL and DISCRETIONARY sector stocks, the Mid Economics cycles sector which includes INDUSTRIAL sector stocks and the Late Economic Sector cycle including ENERGY, STAPLES, UTILITIES, PHARMA, CHEMICALS sector stocks. REUTERS EARLY ECONOMIC RICS DLF.NS, HDFC.NS, HDBK.NS, ICBK.NS, SBI.NS, INFY.NS, TCS.NS, MAHM.NS, UNTE.NS, TITN.NS REUTERS MID ECONOMIC RICS ASOK.NS, TAMO.NS, CROM.NS, BHEL.NS, LART.NS, MTNL.NS, IDEA.NS, BRTI.NS, RLCM.NS, TATA.NS REUTERS LATE ECONOMIC RICS ONGC.NS, RLIN.NS, NTPC.NS, ACC.NS, HALC.NS, TISC.NS, ABUJ.NS, CIPL.NS, RANB.NS, ITC.NS