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Content
Signals
All indicators - Medium term
Jio Financial ServicesMay 9, 2024
Tata Power Co. Ltd.May 9, 2024
Larsen & Toubro Ltd.May 9, 2024
SJVN Ltd.May 9, 2024
Asian Paints Ltd.May 9, 2024

The market showed a negative development Thursday, and S&P BSE SENSEX ended the day at 72404 points, which is a decline of 1.4 percent. The index has not closed lower since Mar 20. The index triggered a sell signal by the break down through the support at 72854 points in rectangle formation. A further drop to 70695 points within three months is indicated.

733 shares showed a gain and 2586 showed a loss. 83 shares were unchanged and closed at the same price as the previous day. There was no trading in 308 shares.

Total value of the trading volume for shares and primary capital certificates Thursday was approximately 65.3 billion.

Larsen & Toubro Ltd. fell sharply to close at 3276 rupee, down 6.0 percent. The previous time the stock lost this much was Mar 23. 2020, when it closed down 16.3 percent. The stock is with that down 7.1 percent after the sell signal from the head and shoulders formation four days ago.
Asian Paints Ltd. closed at 2711 rupee after a steep drop of 4.7 percent. The previous time the stock lost this much was Sep 29. 2022, when it closed down 5.2 percent. The volume was also high. At session end it was bought and sold shares for about 748 million rupee in the stock, which equals four times mean daily turnover. It does not look good technically either. The stock is trend wise negative in the medium term and a further decline is indicated.
Mohite Industries Ltd closed at 50.74 rupee after a gain of 7.8 percent. The stock therby broke above the 50.00 -mark for the first time since Dec 2023. This past week the stock has gained as much as 35.2 percent. It was also very high volume. Overall it was traded for 16 millions rupee in the stock, which is 37 times as much as normal daily turnover. It also looks good technically. The stock is trend wise positive in the medium term and a further increase is indicated.
SKF India Ltd. closed at 4949 rupee after posting a gain of 8.0 percent. The previous time the stock gained this much was Nov 30. 2021, when it closed up 8.7 percent. It was also very high volume. Overall it was traded for 122 millions rupee in the stock, which is 26 times as much as normal daily turnover. It also looks good technically. The stock is trend wise negative in the medium term, but has marginally broken up through resistance at 4940 rupee.
Hindustan Motors Ltd. increased slightly 1.2 percent and ended the day at 46.96 rupee. The stock has now risen for the eighth day in a row and this past month the stock has gained as much as 142.6 percent. Technically it also looks good. The stock is trend wise positive in the medium term, has support at 22.40 rupee and a further increase is indicated.

National S.E. sharply lower
The market dropped considerably Thursday, and Nifty 50 closed at 21958 points after a decline of 1.5 percent. The index has never lost more in one day since Jan 23, when it was down 1.8 percent. The index triggered a sell signal by the break down through the support at 22132 points in rectangle formation. A further drop to 21424 points within four months is indicated.

US 500 approximately even on Wednesday
S&P 500 moved more or less horizontally on Wednesday and closed at 5188 points (-0.0 percent).

Indices
S&P BSE SENSEX
arrow red   Negative Candidate
S&P BSE SENSEX is in a rising trend channel in the medium long term. Rising trends indicate that the market experiences positive development and that buy interest among investors is increasing. However, the index has broken a rectangle formation. A decisive break of the support at 72854 will signal a further fall to 70695 or less. The index has support at points 67500 and resistance at points 74700. The RSI curve shows a falling trend, which is an early signal of a possible trend reversal downwards for the price as well. The index is overall assessed as technically negative for the medium long term.
Nifty 50
arrow red   Negative Candidate
Nifty 50 shows strong development within a rising trend channel in the medium long term. Rising trends indicate that the market experiences positive development and that buy interest among investors is increasing. However, the price has broken the support at 22132 of a rectangle pattern, which signals a further fall. The index has support at points 19350 and resistance at points 22650. Volume tops and volume bottoms correspond badly with tops and bottoms in the price. This weakens the rising trend and could be an early signal of a coming trend break. The RSI curve shows a falling trend, which is an early signal of a possible trend reversal downwards for the price as well. The index is overall assessed as technically negative for the medium long term.
S&P 500
arrow yellow   Neutral
S&P 500 has broken the floor of the rising trend channel in the medium long term, which indicates a weaker initial rising rate. The index has broken a resistance level in the short term and given a positive signal for the short-term trading range. The index is testing resistance at points 5250. This could give a negative reaction, but an upward breakthrough of points 5250 means a positive signal. The index is overall assessed as technically neutral for the medium long term.
Today´s Case
Hero MotoCorp Ltd (500182) Price 4762.15, May 9, 2024
chart
Hero MotoCorp Ltd is in a rising trend channel in the medium long term. This shows that investors over time have bought the stock at higher prices and indicates good development for the company. The price has also broken a resistance level in the short term and given a positive signal for the short-term trading range. The stock is approacing resistance at 4900 rupee, which may give a negative reaction. However, a break upwards through 4900 rupee will be a positive signal. Volume has previously been high at price tops and low at price bottoms. Volume balance is also positive, which strengthens the trend. The stock is overall assessed as technically positive for the medium long term.
Recommendation: Positive
Latest days indices
AEX0.51%904.21
CAC400.69%8187.65
COMPX-0.18%16303.00
DAX0.37%18498
HEX-0.01%10109.00
N1000.45%1541.29
OMXC25GI0.40%2236.26
OMXSPI0.01%974.44
OSEBX0.30%1398.27
PSI200.15%6726.20
TECDAX-0.26%3350.46
BUK100P0.42%837.33
EURUSD0.23%1.0800
CL (OIL)0.78%78.99
Indices Evaluations
 SML
AEXpospospos
CAC40negpospos
COMPXpospospos
DAXpospospos
HEXposnegneg
N100pospospos
OMXC25GIposneutralpos
OMXSPIpospospos
OSEBXpospospos
PSI20pospospos
TECDAXnegpospos
BUK100Ppospospos
EURUSDpospospos
CL (OIL)neutralposneutral

S: Short term.    M: Medium term.    L: Long term.
Stock Exchange barometer
Mumbai S.E. - Medium term
 
      
47% 37% 16%
 1746 Buy Candidates
 1368 Neutral
 602 Sell Candidates
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Investtech guarantees neither the entirety nor accuracy of the analyses. Any consequent exposure related to the advice / signals which emerge in the analyses is completely and entirely at the investors own expense and risk. Investtech is not responsible for any loss, either directly or indirectly, which arises as a result of the use of Investtechs analyses. Details of any arising conflicts of interest will always appear in the investment recommendations. Further information about Investtechs analyses can be found here disclaimer. The content provided by Investtech.com is NOT SEC or FSA regulated and is therefore not intended for US or UK consumers.


Investtech guarantees neither the entirety nor accuracy of the analyses. Any consequent exposure related to the advice / signals which emerge in the analyses is completely and entirely at the investors own expense and risk. Investtech is not responsible for any loss, either directly or indirectly, which arises as a result of the use of Investtechs analyses. Details of any arising conflicts of interest will always appear in the investment recommendations. Further information about Investtechs analyses can be found here disclaimer. The content provided by Investtech.com is NOT SEC or FSA regulated and is therefore not intended for US or UK consumers.

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