Stock of Day – SKS Micro

SKS Micro has been moving in a rising channel for quite some time and in the last couple of days had broken and closed below the same though there was not much of volume confirmation for one to go short in the stock (which would not have been possible owing to stock not being in F&O). Today though was another day as the stock rose strongly taking out the losses of the whole of last week in one grueling session. Volumes were 6x the 10 day average and delivery volumes were pretty high too. Both of these data points along with a reading of the charts seem to suggest a entry by a strong hand. Would we see the test of the upper channel is the question that needs to be answered though 🙂

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About Prashanth

Have been a full time participant in the stock markets since 1996. Run a Yahoo Group where focus is exclusively on discussions of the Indian Markets using Technical Analysis as the tool (groups.yahoo.com/group/technical-investor)
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