Updates on IFCI & NTPC Technical Charts

Both IFCI & NTPC charts have formed a common pattern w.r.t. future kumo as per Ichimoku indicator.

Let's start with IFCI first.

There are 2 major points in this chart. Although price is moving upwards, but kijun-sen line is flat from last so many days. This line does not justify the rise in price of IFCI. We've already seen many examples, when Kijun-Sen line is flat, the price comes to atleast that level.

Secondly, see future kumo. The bottom line of future kumo is also flat. That means, price should come down in future.

Both the factors indicates that in coming days, we may witness price of IFCI can come to Rs.66-Rs.67 levels. If the price closes below this line, we've see further downside.

The same pattern has been formed in NTPC chart. The bottom line of future kumo is flat, signifies that price will come down significantly in coming days. Watch out the levels of Rs.200 carefully. if the price & Chikou Span (CS) closes below this level, we will see further correction in this share.

Got any doubt. Just mention in below comments.