Technical Analysis of Indian Equities by Nooresh

ING Vysya Bank – Speculation or Insider Activity ?

This is the chart of ING VYSYA BANK

 

ing vysya bank

 

Things to note

 

-> Last many months the stock had a lot of resistance at 670.

-> Last 3-5 sessions volumes go up by 3-5 times.

-> Stock has moved up from 650 to 740 in last two days.

-> After opening at 730s the stock is now down at 705.

 

Todays News

 

Well its not actually news but a rumour in the newspaper.

 

L&T Finance seeks RBI nod to buy ING Vysya Bank

 

“ A source privy to the development told The Indian Express that the NBFC is engaged in discussions with ING Vysya Bank “

 

The last two days of a move was a speculative activity or somebody playing out the inside news leakage ?

 

Whatever be it but this is how the market is but on technicals a breakout above 670 did indicate something speculative on positive side.

 

Did not trade this one but was on radar for quite some time. The chart looks interesting but will watch for a dip to 670 or a further new high for a fresh view.

 

I had earlier written about some insider activity seen in L&T Finance too some months back. which did lead to some action by SEBI

 

 

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Article by Nooresh Merani

Nooresh has written 2755 articles.

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