B. L. Kashyap: major pivots in sight

| March 15, 2013 | India
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Company profile: B. L. Kashyap and Sons Limited provides a wide range of construction and allied services. The Company’s services include civil construction, electrical, plumbing, fire fighting, air conditioning, and real estate development.

Prices are holding just above the major pivots at 7.90. Below that there is the spike-low (failed breakout) at 7.10. We do not consider this level to be strong; 7.90 on the other hand is crucial. The undertone is not very friendly with a clear down trend and weak indicators on the daily chart. Also, the lack of any recovery during the recent market swing suggests there are still a lot of sellers above the market. Avoid and beware of a break below 7.90.

  • Primary trend: neutral
  • Outlook: neutral and uncertain
  • Support: 7.90 / 7.10-
  • Resistance: 9.58 / 13.00 / 15.45

Weekly chart B. L. Kashyap (NSE)

kashyap_15mar2013

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Category: India