Sunday, September 21, 2014
Thursday, September 18, 2014
Tuesday, September 16, 2014
Wednesday, September 10, 2014
India is a handsome consumer of sugar nearly 23 million tons annually. Recently WTO’s stand on export subsidy of raw sugar and Indian’s stand on import of sugar had bought Indian sugar companies in demand.
"There was an import parity but mills were not signing deals, expecting revision in the import duty. At 25 percent duty, imports are not viable," said a Mumbai-based dealer with a global trading firm. As per times of India.
From last few days we are able to see upside movement and the stock is near to the downtrend line. If there is a breakout the stock might show the reversal and currently MACD have shown a positive crossover. And RSI is showing bullish signs.
If the stock fail to give a positive breakout it have a support at 14.58. currently the stock is near to its low.
After, Modi coming up with new banks license in India all the trader in the stock market are having a keen interest on the stock which is getting the banking license. Among which we have Reliance who is a big player and the chance of getting the permit is very high.
The stock is showing the divergence and we can see a falling wedge pattern . On 9th September 2014 the stock had given the positive breakout and the on 10th September 2014 i.e today the stock had shown a Doji. And we can see the can open with a positive note tomorrow. If not; the stock can end up falling to 500 which is the immediate support. And 577 and 670 are the good resistance. The stock has a potential to make a new high.
The stock is showing negative correlation from last 6 months and we have to see that the patter will continue or the old pattern will repeat.