During the fall from the high of 1199 formed during last November, the stock found support at 465 on March 24 . The extended rally which followed made the stock touch a high of 739.95 after a month. On June 9 the stock broke the support level and continues to trade below it. A new low of 308.25 was made on July 2. The stock was not able to break the resistance (i.e. previous support) on two occasions. The volumes on the second peak were less compared to the first; though the stock formed a higher high, MACD histogram formed a higher low, leading to negative divergence. This stock is truly for the bears.Hotel Leela (31.45):
Like Alstom Projects India this stock too, found a bottom on March 24 at 37.65. But after breaking the support on June 12 it had a minor bounce back. Once again it broke the support on June 23. It is currently on a downtrend after failing to close above the resistance at 34. One shouldn't expect much from the stock in the short term.
Moser Baer (90.45):
This stock broke the March 24 low of 119 on July 1. Between July 10 and July 16 it witnessed heavy selling. It formed another low of 87.80 on August 1 when it broke the previous low of 88.20 made on July 17. As such no bullish reversal signs have appeared on chart and the bearish trend is likely to continue.
Omaxe (124.85):
This is yet another badly affected stock in the last 8 months. It has fallen from the high of 612.50 on December 13, 2007 to a low of 111 on July 2, 2008. It is really struggling to be precise - having closed below the 61.8% retracement 6 times after wave 1 formation. This is an indication that the stock is unlikely to break its resistance at 144.80. Even if it manages to break, there are more chances of stock reversing again.
Pyramid Saimira Theatre (167.10):
The stock broke the March 24 low of 250 on June 20 and closed below it. Though a minor rally was seen it was not good enough to take the stock above the resistance level on a close basis. Vigorous selling was seen on June 30 and July 1 losing 16% and 20% respectively. Currently the trend is pretty much flat and one may consider entering only after confirmed reversal signs appear on charts.