ICICI Bank: Support at 1100

ICICI BANK Daily NSE Stock Chart Technical Analysis:

ICICI Bank closed the week with an indecisive day, closing very near to the opening price.  CMP: 1124.15.

Market Outlook:

• The price is taking support at 1100.  
• Strong buying has happened on Friday after the price fell below 1100, indicating that the market might not let this stock fall below 1100 for the time being.  
• This presents a buy opportunity if the price rises again.

Technical Indicators:

• A Tweezer candlestick has formed.
• There is strong support to ICICI bank at 1100.  Many times since Sept 10 the price fell below this level intraday, but returned to close above it (except once, when it returned above 1100 the next day)
• This time too, the price fell below 1100 Friday intraday, but the market traded heavily to bring it back above 1100 and close at 1124.  This buy momentum could carry the stock higher next week.
• Let's see what happens on Monday, if the price rises we might have a good buy opportunity to trade a swing.
• If the price falls below 1100, the support is at 1040

ICICI BANK Daily NSE Stock Chart Technical Analysis

Reliance Industries: Weekly Chart 22-26 Nov'10: Resting on Support Trendline

RELIANCE INDUSTRIES Weekly NSE Stock Chart Technical Analysis:

Reliance ended the week by taking support on its 1-year old trendline.  CMP is 962.35

Market Outlook:

• The price has taken support and will either rise this week, or fall and take support at 910.  
• If it rises, there is a buy opportunity with targets at 1050 and 1110.

Technical Indicators:

• Three Black Crows pattern has occurred on a weekly chart, which is a big negative signal.  
• A short term upward correction could take place very soon.
• The price seems headed downwards overall even if it makes an upward correction.
• Reliance Industries has remained sideways since May last year, indicating that nothing significant is happening within the company and there is a status quo and also a sense of relaxed complacency within the company which is leading shareholders to neither take this stock price up nor take it down.  
• That, Reliance Industries is sitting like a satisfied soul for over an year and a half, is not very easy to believe.  Is Mukesh planning something very big, or is he too busy with other things in life?!
• Buy on upward correction, targets 1050 and 1110.
• Any fall below 874, and the price is gonna remain down for a long time after that.

RELIANCE INDUSTRIES Weekly NSE Stock Chart Technical Analysis

Cera Sanitaryware: Struggling below Support Line

CERA SANITARYWARE Daily NSE Stock Chart Technical Analysis:

Cera fell sharply on opening, but rallied back up to close higher.

Open:  151.6, Close & CMP: 147.25, Intraday Low: 126 !

Market Outlook:

• The price is fighting to rise back above its support price at 152.
• If it rises above 152 and closes higher, that's a good time to buy this stock if everything else is looking okay as well.

Technical Indicators:

• A strong Hammer has formed.
• The day ended with a strong buy. 
• When the stock opens on Monday, it could initially fall.  If it manages to close above 152, that could be a good buy signal.  I'll try to update on Monday evening.
• If it doesn't rise above 152 and falls, 132 is where the next support is.

CERA SANITARYWARE Daily NSE Stock Chart Technical Analysis

Financial Techno: On Support Line, Might Rise

FINANCIAL TECHNO Daily NSE Stock Chart Technical Analysis:

Financial Techno fell for the 9th straight day today.  Open: 870.1, Close & CMP: 824.15

Market Outlook:

• The price has found support at 778.  It could make an upward correction now.
• Good chance to make short term gains if this makes an upward correction. Shorting opportunity if it breaks the support trendline.

Technical Indicators.

• There is a support trendline formed and the price took support on it.  It rose after touching this support line at 776 and closed higher at 824.
• This stock might be actively traded on Monday and a upward correction is possible. 
• The upward may not last long though, this is purely a short term opportunity if it rises.  The sell target is not very visible yet but 1000 is the highest point we exit could be made.  I'll update the target if the stock price rises on Monday.
• If the price falls and closes below the support line, the price might just fall further and present a short sell opportunity (not sure if this one is traded in F&O, though)

FINANCIAL TECHNO Daily NSE Stock Chart Technical Analysis

Karur Vysya: Be Prepared

KARUR VYSYA Daily NSE Stock Chart Technical Analysis:

After taking support of the 100-DMA, the price rose to get back above its 520 support line and has stayed there for the last 5 days.  A sideways week until now for Karur Vysya.

Market Outlook:

• Watch out for the 520 level.  The price must stay above this for any quick future rise.  

Technical Indicators:

• Keep an eye on Karur Vysya to make money, an opportunity soon.
• The stock is all set to gain speed ... but this could be either upwards or downwards.  Get ready for both opportunities - to buy or to short.   
• If it jumps up, 639 is a good target.  If it crashes, support is available at 444.
• There's a group of tweezers formed, the market is undecided and preparing to make a head in a single direction soon.

KARUR VYSYA Daily NSE Stock Chart Technical Analysis

Reliance Communications: One More Day...

RELIANCE COMMUNICATIONS Daily NSE Stock Chart Technical Analysis:

Reliance Communications fell again as expected, Open: 144, Close/CMP: 136.9

Just one more day and the price will have its tryst with destiny as it touches the support level of 132.  Watch the contest between the price and support closely.  If support wins and price bounces back upwards, there could be a good possibility of buy.

This post assumes you have read yesterday's post

Jai Corp: Looking Bleak

JAI CORP Daily NSE Stock Chart Technical Analysis:

Investors are waiting for this stock to rise, its been sideways since a long long time.  And with a high of 1441 just 2 years back, everyone who got in long ago, cannot see any ray of hope.

Coming to the present, the stock fell again today, Opening at 241.25 and closing with CMP at 229.90.

Market Outlook:

• The price could fall further tomorrow and close around 220-223.
• After this, the price could make a sudden upward spurt, be ready to make short term profit when this happens.

Technical Indicators:

• An important year old support line has turned into a line of resistance after a breakout on Oct 15 at the 258 price level.  Since then, the price has remained below this line.  (The important line to break)
• Twice the price made an attempt to regain its rightful place above the line of support but faced resistance and could not do it.
• The line of resistance is rising everyday as it is diagonal.  This means that the more time that elapses, the more the distance between the price and the line of resistance, and that much more area to cover.
• Yesterday the price has broken through yet another line of short term support and failed to go above it today.
• The price area of 214 - 230 is an area of support for Jai Corp at the moment.  Any fall below 214 and its gonna be tough to rise back any soon.
• Buy if the price closes above the "Important Line to Break" (which is almost at 60 rs from current price, damn, hopefully the price should make a run to climb above resistance soon, until then, wait to make any move on this one).  

JAI CORP Daily NSE Stock Chart Technical Analysis


(Analyzed for Vivek, Pune)

Dabur: Might take some time to return to its support line

DABUR Daily NSE Stock Chart Technical Analysis:

Dabur has broken out from its long term line of support, and also below its Fibonacci Zero %. 


The next support levels for Dabur are 94, 84 and 77. 

There could be a small upward swing in the next few days as the price attempts to go back above its support line, but this means the price will have to rise above 101. If the price can rise and stay above 101, then this becomes a good time to enter. Until then, there`s nothing much one can do. 

With Dabur`s purchase of a Turkish company and proposed launch of products in middle east, Dabur does seem to have a good 2011 if it can pull up its socks and compete in the international market. 

The company is quite ambitious so even if you bought at higher rate, don`t worry. Just that you will have to wait until this stock price definitely comes up again (but which could be a while considering the market conditions *sigh*).


DABUR Daily NSE Stock Chart Technical Analysis


(Analyzed for Fox121, a MoneyControl fellow-boarder)

Hero Honda Falling Back after hitting resistance

HERO HONDA Daily NSE Stock Chart Technical Analysis:

Hero Honda is falling again after a few days of rise.

I hope you have been following my newsletter, and were bullish on Hero Honda just when it rose and have made money on this rise.  Also, if you haven't sold HH already if you bought when I recommended it in my newsletter, sell it now to book profits.  (And if you haven't subscribed newsletter but want to, click here).

Market Outlook:

• The price could fall further during the next few days.

Technical Indicators:

• The price reached its resistance level but retraced from there and could not break out.  
• Support is at 1910 and then at 1865.

HERO HONDA Daily NSE Stock Chart Technical Analysis

Reliance Communications: Support @ 132

RELIANCE COMMUNICATIONS Daily NSE Stock Chart Technical Analysis:

Stock price of Reliance Communications is falling like a missile from the sky.  Today it closed at 143.65.

Market Outlook:

• Where will this fall stop?
  The price should stop falling after falling another 11 rupees, at Rs. 132.
• If it starts rising after 132, good opportunity to buy and make money on this one (its been a while since anyone made money on this one)

Technical Indicators:

• The dreaded Head and Shoulders has formed recently, indicating that the price is going to keep pushing down further.
• The market bottomed out twice at 132 in the past 2 years.  This level is only 11 rs away from today's close.
• If market takes support of 132 and rises back, its a good time to buy.  Target can be decided only after it U-turns.
• In case it tumbles below 132, the next support is at 113.

RELIANCE COMMUNICATIONS Daily NSE Stock Chart Technical Analysis:

Indiabulls at rs 176 Support line, Might Rise

INDIABULLS Daily NSE Stock Chart Technical Analysis:

Indiabulls again fell today, Opened at 196.4 and fell throughout the day to close at CMP 180.5 (losing close to 8% on a single day).

Market Outlook:  

• The price fall will be challenged by the support at 176.  It will be important to watch if the price respects this level or breaks and falls below it.  Even today you can see that the price reached this important support level as its intraday low but then rose back again.

Technical Indicators:

• 176 is a double support - a double bottom and Fibonacci.  The moment stock price touched this level, the market resumed buying interest in Indiabulls.
• If the stock remains above 176 and rises again, one could buy with a target of 216-221.
• The stock is deeply oversold, indicating a possible upward correction very soon.
• If the price falls below 176, the next support will only come at 159.  

INDIABULLS Daily NSE Stock Chart Technical Analysis

Laxmi Energy & Food: Sideways since 5 days, Big move before weekend

LAXMI ENERGY & FOOD Daily NSE Stock Chart Technical Analysis:

Laxmi Energy & Food remained sideways for the 5th continuous day and closed near yesterday's open after opening near yesterday's close.

Open:  79.50  Close & CMP:  77.40

Market Outlook:

• The price will make a sudden move in either direction, keep your antennae tuned for opportunity to make money on this stock.
• In the short term, buy at 83 and sell at 90.

Technical Indicators:

• Thu or Fri could see a big move happening (hopefully upwards).  Keep an eye for the move to happen, and make a buy or sell when it happens.
• The monthly chart (the chart above is the daily chart) suggests that this month could end around Rs 72 or at 80.  Next month, this stock should start rising again. December could be a good positive month for Laxmi Energy and Food.

LAXMI ENERGY & FOOD Daily NSE Stock Chart Technical Analysis

Bilcare Rising

BILCARE Daily BSE Stock Chart Technical Analysis:

Bilcare rose today, Opening at 674.95, Close & CMP at 686.25.

Market Outlook: 

• The price seems to be rising again.  It should go atleast up to Rs 720 -725 levels.
• If it crosses Rs 753, this could be very positive for a further rise.

Technical Indicators.

• The price has made two negative trend breakouts in just one month's time.  A long term support line is helping the price from falling any further. 
• A morning star lookalike pattern has formed today, this could be a positive signal for price rise after a week-long fall until yesterday. 
• Tomorrow could be a crucial day as the market could fall significantly due to LIC and Central Bank loan scams, and prevent the positive rise in Bilcare.  If Bilcare doesn't rise tomorrow due to this reason, then it makes this stock all the more buyable, and we should enter when it starts rising again.

BILCARE Daily BSE Stock Chart Technical Analysis


(Analyzed for Prakash, Vidisha)

GRANULES INDIA Daily NSE Stock Chart Technical Analysis

Granules India has fallen below its support trendline and is closing lower than the support since 4 consecutive days.  The price is attempting to rise back into the zone.

If the price cannot rise above 94, the situation could get difficult.  If it does rise and close above 94, there might be an opportunity to buy.

TTK Healthcare @360: Could rise tomorrow

TTK HEALTHCARE Daily NSE Stock Chart Technical Analysis:

The price dropped steeply today, Open: 390, Close & CMP: 360.45.

Market Outlook:

• The price could rise again tomorrow from its current support level at 360.
• If price rises with high number of trades taking place, it might be a good point to enter with targets at 386, 394 and 419. 

Technical Indicators:

• Price is taking support of Fibonacci 50% and Fibonacci Fan 61.8%.  This makes 360 a strong support level.
• Less number of people seem interested in the stock as such low price levels.
• Stock is deep into the oversold level.
• Possible rise tomorrow.  Keep watching the price and trade numbers as the market opens.
• If price falls, only next support is at 331.

TTK HEALTHCARE Daily NSE Stock Chart Technical Analysis

Karur Vysya: 100 DMA Support @ Rs 500

KARUR VYSYA Daily NSE Stock Price Technical Analysis

Unlike expected yesterday, the price fell heavily today, losing quite a bit in the 2nd half.  But, I feel that this is simply because of the overall market fall today and has nothing to do with Karur Vysya's potential to give returns.

Open: 523.05  Close:  502.85

Market Outlook:  

• I'm expecting the price to rise up again.  If it does, I'm looking at taking a long position on this one soon, especially if it rises above 520 with good trading volume and other indicators pointing upwards as well.

Technical Indicators:  

• There is unusually large negative activity on this stock inspite of the fact that there is no negative news about the company.  In fact, KV has recently won the 2nd best private sector bank award.  So this big fall today seems unwarranted.
• Today's fall looks like 1) Reaction to overall negative market and 2) A sudden short term hurry to liquidate positions by people who were worried when the support line at 520 was broken.
• The price finally found support at its 100 DMA near 500 and closed slightly above it.
• The stock price is flattening out in the oversold levels, pointing towards a possible rise again.
• Tomorrow should be able to tell us if we should indeed take a long position on KV at the CMP.  Wait for a day or two.  

 KARUR VYSYA Daily NSE Stock Price Technical Analysis

IVRCL Infras: Support at 128, could rise again

IVCRL INFRASTRUCTURE & PROJECTS Daily NSE Stock Chart Technical Analysis

The price opened near yesterday's close and fell yet again.

Open: 136.1  Close:  132.75

Market Outlook:

• The price has good support near 128, could possibly rise back again before or after hitting this level.
• Keep noticing this stock, if it rises back strongly with other indicators positive as well, it will be a good time to buy this one.

Technical Indicators:

• There is support line at 128.
• The stock is already in the oversold levels and it is showing a probability to rise out of the oversold levels soon.
• If the price rises back, the short term targets are at 141 and at 150.
• Anything above 160 and this stock is rocking again.

IVRCL INFRAS Daily NSE Stock Chart Technical Analysis

Airtel taking support of 200 DMA, Resistance at 318.50

AIRTEL Daily NSE Stock Chart Technical Analysis:

Airtel remained range-bound on a day when the market tanked, and was able to hold fort and remain where it opened.

Open: 312.95  Close: 313.45  High: 319.50  Low: 311

Market Outlook:

• Market remained indecisive today and has tested its previous support at 318.50 which is now acting as resistance.

Technical Indicators:

• An indecisive Doji candlestick formed today.
• The price tried to return back to its support line at 318.50.  But now this same support line is now acting as resistance.
• The price has taken support of 200 DMA near Rs 307.
• Tomorrow is a crucial day and the price could try to rise above 318.50 once again.

AIRTEL Daily NSE Stock Chart Technical Analysis

NIFTY Support @ 5970 & then at 5928

NIFTY Daily Analysis Technical Chart:

NIFTY had another big fall today.  It opened above previous 2 day's close but fell to close much lower.

Open: 6143.45  Close: 5988.70  (-132.90 / -2.17%)

Market Outlook:

• If NIFTY falls tomorrow, it could close near support of 5928.
• Today also it closed at a support level of 5970 and so might make another attempt to rise tomorrow before falling again

Technical Indicators:

• Today a triple bottom was formed at 5970, indicating very strong support at this level.
• NIFTY has still not entered oversold levels so could possibly fall a bit further tomorrow, but it wouldn't be as big a fall as today's.

News (Fundamentals)

• The fears over China's rate hikes and other financial news in China seem to have been given too much importance as it does directly make any big difference to India, at least not in the short term.  This fall seems more out of a sense of general insecurity than anything fundamental.  This tells us that the market should rise again soon.

NIFTY Daily Analysis Technical Chart

Gujarat NRE Coke: Testing long-term support line @54.70

GUJARAT NRE COKE Daily NSE Chart Technical Analysis:

The price continued to fall alongwith the rest of market.

Price opened at 58, higher than past two days close.  But it fell and CMP is 54.7.

Market Outlook:

• Price should start rising again on Wednesday or latest by Thursday, keep noticing this stock.

Technical Indicators.

• Price stopped exactly at the long term support of Rs. 54.70.  It even dipped to 54.25 intraday but recovered and rose up exactly to the support point.
• The stock has reached its oversold levels and this is also an indicator that the price could recover.
• If at all, the price falls below its support line at 54.70, there might be no recovery soon after that.  Let's hope this doesn't happen.

GUJARAT NRE COKE Daily NSE Chart Technical Analysis

Karur Vysya Reaches Support Line @ 520: Possible Buy If Rises

KARUR VYSYA BANK Daily NSE Stock Chart Technical Analysis:

Karur Vysya CMP 520.9 after opening at 529.5.

Market Outlook:

• The price has potential to move upwards in a day or two.  Keep watching Karur Vysya.
• If it moves up with good trading volume, the target is around 546-550 levels.

Technical Indicators:

• Fibonacci 23.6% support at Rs. 520.  
• Price has taken multiple support at 520 in the past and has formed a double bottom today in a span of one month.
• The stock price is already in the oversold levels and so could rise again soon.
• If price closes below 520, it will have a tough time rising up again and will stay down for some more time.

KARUR VYSYA BANK Daily NSE Stock Chart Technical Analysis

Indiabulls Weekly: 8-12 Nov: Tested by Resistance Line at 221: Don't buy yet

INDIABULLS Weekly NSE Stock Chart Technical Analysis:

The week remained indecisive for Indiabulls.  In the last week, the price had finally broken through the long term resistance at 221.  It seemed like there were good times ahead for Indiabulls.  But in this week the price remained with the last week's range and traded 7.44 M shares, almost 60% of last weeks 12.66 M shares.

Open: 232, Close & CMP: 225.65, High: 239.9, Low: 222.1

Market Outlook: 

• 221 is a very important level.  It seems like the price will fall back beneath 221 again this week after 2 weeks of staying above it.
• Don't buy Indiabulls yet.  In fact, keep an eye for opportunities to play short and make money

Technical Indicators:

• The RSI is showing a slowdown after flying into overbought levels.
• This week's candlestick remained within the last week's candlestick, to create something similar to the Harami pattern
• Rs 221 is a long term resistance for Indiabulls.  The price seems like it will fall back below this level yet again.
• In case the price takes support at 221 and rises back, it might be a good time to get into this stock.
• But if it falls below, wait and watch before taking a position.  Might be good opportunity to go short in the week after next.

INDIABULLS Weekly NSE Stock Chart Technical Analysis

Reliance Industries Weekly: 8-12 Nov 10: Faces Resistance, Breaks short term support

RELIANCE INDUSTRIES Weekly NSE Stock Chart Technical Analysis:

The week saw a fall throughout, opening at 1113.9 and closing at CMP 1061.85 (a fall of 52.05)

Market Outlook:

• The next week seems like it is set to fall further.  Next support is near Rs 966.
• Possible buy near 966-970.

Technical Indicators:

• Decision point 1 ended negatively as the stock price could not break through resistance. 
• Price fell through a short term line of support which was created since mid-August.
• The resistance at 1119 was too strong for the stock price to break through and it returned from 1113.9.
• With short term support broken, we will have to depend on the support between 961 to 970 to stop the price from falling further.  It might take another 2 weeks to fall and reach this support level.

RELIANCE INDUSTRIES Weekly NSE Stock Chart Technical Analysis

Kinetic Motors Weekly: 8-12 Nov '10: Resistance @ 43

KINETIC MOTORS Weekly NSE Stock Chart Technical Analysis:

The week ended with a fall.

It opened on 8th at 40.05 and closed on Friday with CMP 38.2.  In the meanwhile it managed to make an intra week high of 43.25.

Market Outlook:

• As expected in last week's post, the price enjoyed the support of Rs. 37.5 and closed above it.
• This week the price could fall further.  If it does, it should close between 35 and 37.5.
• If the price rises, which seems unlikely, it will again face resistance at Rs. 44.

Technical Indicators:

• Fibonacci 61.8% support of retracements as well as arc at Rs. 37.50.
• Candlestick shows that the week began with buying but ended with selling.  The selling could continue next week, and price could fall further.   

KINETIC MOTORS Weekly NSE Stock Chart Technical Analysis

3i Infotech Weekly: 8-12 Nov 10: Faces Resistance and Falls

3i INFOTECH Weekly NSE Stock Chart Technical Analysis

This week we see a long-legged Doji candlestick.  

The week opened at 67 and closed at CMP 67.1.  In between it made an intra-week high and low of 72.15 and 65.35 respectively.

Market Outlook:

The next week price could fall.

If it falls, the week could close between Rs. 61-63.

Technical Indicators:

Long legged Doji candlestick formation this week, 3rd successive sideways week.

Price tried to climb through resistance but failed completely and retraced.

The 20 week moving average is way below the 50 week moving average.  Looking historically, 3i gives a good upwards move when the 20 week moving average crosses the 50 week moving average from below.  This is not expected to happen any soon but when it happens, be sure to buy 3i for some good gains.

3i INFOTECH Weekly NSE Stock Chart Technical Analysis

Jubilant Foods Support @ Rs 565-570

JUBILANT FOODS Daily NSE Stock Chart Technical Analysis

Jubilant Foods CMP at 600.2 after a intraday high of 621.7.

Market Outlook:

• The price is falling further.  There is support near 565-570 levels.

Technical Indicators:

• The day ended with an inverted hammer candlestick.
• The other indicators are showing a possible downward journey.
• Seems like the price is making a correction after a sudded rise following good Q2 result announcement last week.  
• The previous resistance was near 565, this should now act as support when the price falls until there.
• If the price does not go below 595, there is an opportunity to buy.

JUBILANT FOODS Daily NSE Stock Chart Technical Analysis

Reliance Communications: Gap Down

RELIANCE COMMUNICATIONS Daily NSE Stock Chart Technical Analysis:

The price had a fall throughout the day, opening at 174.8 and closing at CMP 169.9

Market Outlook:

• Price is close to support lines at CMP and so what happens on Monday will lead to further clues.
• No buy-sell signals today.

Technical Indicators:

• Fibonacci 50% support @170, and then further below at 160.5
• There are also long terms diagonal lines of support and resistance as visible on the chart. 
• All moving averages are above the CMP.
• The RSI is close to oversold levels, indicating price fall could slow down soon.

RELIANCE COMMUNICATIONS Daily NSE Stock Chart Technical Analysis

Pricol: Support @ 25, Resistance @ 31

PRICOL Daily NSE Stock Chart Technical Analysis:

Pricol fell today, opening at 28 and closing at CMP 26.4.

Market Outlook:

• The price should close between 25 and 26 on next trading day.
• Support at 25 and resistance at 31.

Technical Indicators:

• The day ended with a Marabozu Candlestick.
• There is Fibonacci 61.8% support at 25, and Fibonacci 78.6% resistance at 31.
• There are also trendlines of support and resistance as visible on the chart above.
• The price could hit 25 before returning upwards, could be a buy opportunity if it U-turns.

PRICOL Daily NSE Stock Chart Technical Analysis:

Hero Honda falling: Support @ 1807, Could make upward correction soon

HERO HONDA Daily NSE Stock Chart Technical Analysis

Hero Honda was seen struggling for support today.  It opened at 1828 and CMP is 1809.95.

Market Outlook:

As analyzed in Monday post, the price is falling since the past 3 days.

Tomorrow also the price could fall but will try to remain near today's close and not fall too deep.

The price fall should slow down now and then the stock could make an upward correction.

Next level of support if the price continues to fall is Rs 1775.

Technical Indicators:

The price fell intraday below its 1807 support but recovered to close above this support line, which is a positive sign.

The price could fall again tomorrow but can rise again soon.

The price has reached the oversold levels which also indicates that this stock could make an upward correction.

Long term view of this stock does not seem positive even if the price makes an upward correction.

HERO HONDA Daily NSE Stock Chart Technical Analysis

Karur Vysya: Strong Support @ 520, Will Rise Again

KARUR VYSYA Daily NSE Stock Chart Technical Analysis:

The price fell marginally today from its opening, after a good upward rally during the day.  CMP is 534.7.

Market Outlook:

The price will remain sideways tomorrow with possibility of lower intraday low than today.

The price will reverse its short term correction and rise upwards.

If price does not make an intraday low of 528 or below, its a good sign to buy around 232-235 levels with a target at 580 and another target near 639.

Technical Indicators:

The price made a Tombstone Doji candlestick today, good possibility of reversal.

Very strong double Fibonacci support for this stock at 520.

Support of the 50 day moving average.  The price has remained above 50 day moving average since Apr 2009, i.e. 1.5 years.  It has again touched its 50 day moving average and will rise.

Public sector banks are in full bloom on the stock market.  Enjoy the ride!! :)  [while it lasts, nothing is forever]



KARUR VYSYA Daily NSE Stock Chart Technical Analysis


(Analyzed for Yasoram, Erode)

Seamec Post Poor Results: Still stuck between Rs 165 and Rs 139

SEAMEC Daily NSE Stock Chart Technical Analysis

Seamec opened higher than yesterday at 164.1 and went to a high of 169, but eventually fell and CMP is 161.9.

Market Outlook:

• The price seems all set to fall.
• The support for these falling prices will be near Rs. 157 and then at Rs. 139.  This time I feel it won't stop even at 139 and fall to 125 levels by mid-Dec.
• There could be an opportunity to go short as the price starts falling tomorrow.

Technical Indicators:  

• Bearish Inverted Hammer Candlestick today.
• Strong resistance at 165.
• Price tasted 169 but could not sustain and closed below the 165 resistance.
• Price fall expected in the coming days.
• There is a long term line of support as visible on the chart.  If the price falls below 139, this line will provide support around 125 levels.

News & Fundamentals:

• Q2 has reported a loss again.
• The stock is trading at a P/E of only 9.27 so it shouldn't fall too much.  If the company shows any sign of turnaround, the market will jump on this stock and the prices will soar.  Keep an eye on any positive announcements or declarations by Seamec (if any happen, that is). 

SEAMEC Daily NSE Stock Chart Technical Analysis

Jindal Polyfilm: Support @ 618, Buy Possibility in 1-2 days

JINDAL POLYFILM Daily NSE Stock Chart Technical Analysis

Jindal Polyfilm fell today, opened at 641 and CMP is 632.60.

Market Outlook: 

• The price will hit its support near Rs. 618 to Rs 622 and rise again.
• There is an opportunity to go long if the price rises back with good volume.
• The first target would be at Rs 660.  The second target would be at Rs. 695.  But sell only if the price hits 695 and falls back below 685.  If it goes above 695, stay invested.

Technical Indicators:

• The point of Fibonacci support is at Rs. 618.  If it breaks 618 the next level of support is at Rs. 543.  
• Resistance is at Rs 695.  The price has made a double top at this level recently.
• If the price breaks 695, its a good opportunity to go long.

JINDAL POLYFILM Daily NSE Stock Chart Technical Analysis


(Analyzed for Vikalp, Delhi)

Indian Hotels: Expected to Rise

INDIAN HOTELS Daily BSE Stock Chart Technical Analysis:

Indian Hotels went up today.  The price opened at 103.4 and CMP is 106.7.

Market Outlook: 

• There is a long term line of resistance as visible on the chart.  Tomorrow the price will try to break it and climb upwards from Rs. 108.  We can see that the price hit the resistance today and retracted.
• I expect the price to keep moving upwards for this week and break its resistance.  
• For intraday, buy at 106 and sell at 110.  I don't do much intraday so this is only a recommendation, I wouldn't be doing it myself.

Technical Indicators:

• Fibonacci Support at 102.50 and 98.50.  Fibonacci resistance at 110.
• There is a double bottom support at 95.   
• Breaking 114 is crucial.  If the price can do this, its time to go long. 
• No chance of fall in the short term.

Fundamentals:

The P/E of this stock is quite high - 63.  Still many analysts are calling it undervalued.  So there seems to be a disparity of opinion so I'll strictly stick to the technical charts for trading Indian Hotels.

INDIAN HOTELS Daily BSE Stock Chart Technical Analysis

(Analyzed for R Gupta, Delhi)

BF Utilities to show a definite trend by weekend

BF UTILITIES Daily NSE Stock Chart Technical Analysis:

The price marginally went up today.  It opened at Rs 945 and CMP was Rs 954.35.

Market Outlook: 

• The price is expected to marginally rise again tomorrow and close above Rs 957.
• There is a point of decision by end of this week.  What happens the day after the support line and the arc cross each other will help us take future stand in the market.
• Looking at the historical price of this stock, it has the tendency to suddenly rise or fall.  Hence if I personally would want to not buy and hold but be an opportunist with this stock, buying when I expect the market to rise and selling when it starts falling, or when I make 10-20% which is decent return in the short term.

Technical Indicators:

• The price took Fibonacci Arc support at Rs. 886 and rose back after 1 Nov 2010.  There is a line of support there at Rs. 900.
• Price is sideways since the last 5 days.
• It is very close to the Fibonacci Arc as well is at the Fibonacci Retracement intersection at Rs. 957 around Nov 15.  This is an important decision point to watch to know which line will be used as further support - the Fibonacci line at Rs. 957 or the Fibonacci Arc.  
• If price rises along the arc it will find resistance at Rs. 1029. 
• There is a long term line of resistance, if the price crosses this line with good volume there might be good opportunity to buy. 
• Below Rs. 885, I would short this stock

BF UTILITIES Daily NSE Stock Chart Technical Analysis


(Analyzed for M Mohan, Kolkata)

Hero Honda Falling: Support between 1807 & 1813

HERO HONDA Daily NSE Stock Chart Technical Analysis

Hero Honda fell today, Open: Rs. 1874, CMP: Rs. 1829.35.

Market Outlook:  

Tomorrow also the price could fall and the market should close between Rs. 1807 and Rs. 1813.

The price should make a small upward correction soon.

Technical Indicators:

The price fell today with good trading activity, and could easily fall tomorrow as well.

There are 2 levels of immediate support to stop the price from falling further: Rs. 1813 followed by Rs. 1807. There are previous swing lows as well as Fibonacci support levels.

If price manages to fall below both these levels, the 3rd support is at Rs. 1775.  And of course, we also have the support trendline below that.

The price is reaching into the oversold levels so it should pick up the rally and move upwards again once it hits the support lines.

There are support and resistance trendlines as visible on the chart.  Any breakouts from these lines will be very significant.  Though this is not expected, keep an eye on any breakouts from these trendlines.

HERO HONDA Daily NSE Stock Chart Technical Analysis

Bajaj Holdings Reaches Resistance, Short-term Correction is Expected

BAJAJ HOLDINGS Daily NSE Stock Chart Technical Analysis:

Bajaj Holdings dropped today.  It opened at Rs 945 and closed at CMP 932.40.

Market Outlook:

• The price will fall further tomorrow. 
• Support is expected at 909 and then at 880 (if price falls below 909).  It should began rising back after reaching these levels.
• Don't buy or sell yet, lets wait for some signals.

Technical Indicators:

• There is a price channel within which this stock is rising speedily.  The swings are about Rs. 70 up and down within the price channel.
• If the price falls and reaches its support trendline and returns back, its a good time to buy.
• If the price breaks resistance trendline and rises upwards for 2-3 days with good trading interest, that's a buy signal.
• Price is continuously taking support at the short and medium moving averages.
• The last 3 days, candlesticks have stayed within the price range set on 3 Nov - Rs 915 - Rs 949 and turned negative.  This is signaling a fall in price for the time being.  We'll wait for the next swing to enter and exit.

My Strategy for Trading Fast Rising Stocks:

• Stocks like Bajaj Holdings which are rising steadily for a period of time, fall back much more quickly than they rise.  
• Hence, in such stocks, I don't buy and hold.  I usually buy at swing lows and sell at swing highs.  
• This gives me good profit without the risk of suddenly losing money, and keeps my bank account liquid and gives good consistent cash flow.  
• You may have a different strategy and all strategies are good, so if yours works for you, stick to it.  

BAJAJ HOLDINGS Daily NSE Stock Chart Technical Analysis


(Analyzed for Prashant, Rajkot)

Opto Circuits Weekly: 1-5 Nov 10: London Bridge is falling down, falling down

OPTO CIRCUITS Weekly NSE Stock Chart Technical Analysis:

Opto Circuits closed this week positively.  It opened at Rs 290 and closed at Rs. 302.75.

Market Outlook:  

• The price will fall back next week.
• Hopefully, it will stop at or above Rs. 284.
• Don't buy this stock right now, the price is going to fall further.  

Technical Indicators:

• Price is getting Fibonacci Fan 23.6% support, which will be around Rs. 284 for the month of November.
• Downside Gap Three Candlestick pattern has formed, confirming continued bearish trend next week.
• If price falls below Rs. 284, the next point of support will be at Rs. 265 which is the Fibonacci retracements support point.

OPTO CIRCUITS Weekly NSE Stock Chart Technical Analysis:

Kovai Medical Weekly: 1-5 Nov 10: Indecisive Moments, Support @ Rs 126

KOVAI MEDICAL Weekly NSE Stock Chart Technical Analysis

Kovai Medical closed at Rs. 141.10 after opening at Rs. 143 for the week 1-5 Nov 2010.

Market Outlook:  

• The price is moving sideways and indecisively.
• No buy-sell signals.
• Rs. 134 and Rs. 126 are important support points for the price.  If it falls below these prices, there might be no recovery soon.  But this is unlikely to happen in the next week.
• Buy above Rs. 180 if other indicators show positive signals as well.

Technical Indicators:

• Double bottom at Rs 126
• Price is currently taking Fibonacci 50% support @ Rs. 134
• Price has remained above its 20 week moving average after 2.5 months.

News (Fundamentals):

• Very good Q2 results with good increase in both sales and profits.  
• This should improve the price soon and help the stock break its sideways movement and become bullish.

KOVAI MEDICAL Weekly NSE Stock Chart Technical Analysis

Indraprastha Medical Weekly: 1-5 Nov 10: Not Looking Good

INDRAPRASTHA MEDICAL Weekly NSE Stock Chart Technical Analysis:

Indraprastha Medical closed lower this week at 44.50 after opening the week at 45.70.

Market Outlook:  

• The market should go sideways next week. 
• Don't buy immediately, no signals yet.
• Good buy if it jumps Rs 55. 
• Exit / go short if it goes below Rs 43.

Technical Indicators:

• A trend triangle has formed.  The angles of which are at 47.50, we can see that the stock faced resistance at this point and dropped below.  
• The next decision making point is depicted by the blue dot on the chart.
• If the stock falls and remains below Rs. 43,.its a good opportunity to short.
• A double top has formed at Rs. 54.  If stock climbs above 55, its a good opportunity to go long. 

News (Fundamentals):

• Bad results with lower sales than last year and lower profits and lower earning per share show this is not a good time to enter this stock.  

INDRAPRASTHA MEDICAL Weekly NSE Stock Chart Technical Analysis

Fortis Healthcare Weekly: 1-5 Nov 10: Rising up, Buy above Rs. 190

FORTIS HEALTHCARE Weekly NSE Stock Chart Technical Analysis:

The stock price climbed up this week, opening at Rs 161.25 and closing at Rs. 167.30.

Market Outlook:

• The price will move upwards in the coming week as well and close higher than opening.
• Rs. 190 is a good point to enter this stock but this might take 2-3 weeks to reach.
• Next week price should reach around Rs. 174 levels.
• The price has support at Rs 155 but I don't expect this support will be required as the price is expected to move up only and not down.  

Technical Indicators:

• Fibonacci 23.6% support at Rs. 154
• Bullish Rising Three Methods Candlestick pattern has formed.  The pattern is weak and not exactly as per definition but the price should start moving up again this time.

News (Fundamentals):

• The Q2 profits are very healthy and the market is jumping in on this stock.  
• The profit surge has happened because of stake sale, so next quarter is not going to show similar profit, leading to disappointment.
• Has created reserves by selling its stake and is planning to acquire Hyd based Care Hospitals to increase presence in S. India.  The company is showing an ambitious face.

FORTIS HEALTHCARE Weekly NSE Stock Chart Technical Analysis

Apollo Hospitals Weekly: 1-5 Nov 10: Strong Support @ Rs 510

APOLLO HOSPITALS Weekly NSE Stock Chart Technical Analysis:

Apollo Hospitals ended this week with a fall, but most of the market has not shown interest in the falling of this stock.  The bullish sentiment around Apollo Hospitals is high even though the price seems to have fallen.

The CMP of Apollo Hospitals on 5 Nov 2010 is Rs. 521.20.

Market Outlook:  

• The price will reverse from this point and the next week will close higher than it opens on Monday.  
• There is very strong support at Rs 510. 
• If you plan to buy Apollo Hospitals, this is a good time to get in as the price is not expected to fall below Rs 510.  In case the price does go below Rs 510 during any trading session, buy immediately.

Technical Indicators:

• The price is strongly supported at Rs 510 and ideally will bounce back upwards from this level onwards.
• The Fibonacci  78.6% and Fibonacci Fan 23.6% crossover at Rs. 510 and we can see that the stock price is staying above this level since 4 weeks.
• The Fibonacci Fan 23.6% line is expected to act as the line of support for the next rise in the stock price.

News (Fundamentals):

• Turnover and profits are increasing consistently.  
• Apollo Hospital is also planning to venture in Tier II and Tier III cities and 1500 beds and 350 pharmacies in the next two years.  
• There is also the 12% stake of Malaysia based Khazanah Hospitals, major stakeholders in Asia's most profitable hospital chain.  
• The medical tourism business is also growing and Apollo is expected to be a major beneficiary due to its brand value.
• The only downside is the high fixed costs of running a hospital.  If the management goes lax on cost management it might lead to loss of profit and affect the company financially. 

APOLLO HOSPITALS Weekly NSE Stock Chart Technical Analysis

Seamec stuck between Rs 165 and Rs 139

SEAMEC Daily NSE Stock Chart Technical Analysis:

Seamec closed sideways again on 4th Nov 2010 (This chart is not reflected Mahurat trading on 5th but it does not make much difference to the analysis)

The CMP of Seamec as on 5th Nov 2010 is Rs 153.65.

Market Outlook:  

• The stock price is volatile and sidways since a long time.  The next week will see another sideways movement with not much different from this week's close @ 153.65.  
• For now, there are no buy-sell signals on this stock and I recommend to wait before taking any move on Seamec.

Technical Indicators:

• There is dual support available to the price at Rs 139.  There is a support line from a previous low and there is the Fibonacci 50% support as well.
• A long term diagonal support line has fallen below Rs 139 in late August and is no longer offering support to the company's stock price.
• If the price rises, it can meet resistance at Rs. 165, which is the Fibonacci 38.2% level in the current retracement.

News (Fundamentals):

• Seamec has posted a loss in the previous quarter, and results of this quarter are awaited.
• The company has announced 30% dividend.  From what I gather, this is the first dividend in 12 years.  This might simply be an attempt to generate interest in an otherwise uninteresting stock, or the company may actually be upto something.  No news about it yet.
• There is no significant news about the company.  The market will move in some direction, either up or down, after news of the quarterly results comes out.
• Unless the quarterly results show that there is a change in the sales or income of the company, or any big deals are announced, there isn't much scope for Seamec to gain in the near future.

SEAMEC Daily NSE Stock Chart Technical Analysis


(Analyzed on request of Sreeni, Bahrain)

Airtel Weekly: 1-5 Nov 10: Support @324 will Rise this week

BHARTI AIRTEL Weekly NSE Stock Chart Technical Analysis:

 Airtel closed with an Inverted Hammer formation this week and was traded without much interest throughout the week.  

The CMP at end of week is Rs. 329.50.

Market Outlook:  

• The next week, we will see the price taking support at Rs. 324-326 levels, after which the price will rise again.  This is positive news after more than a month, as the price began its fall in late September.
• This is going as analyzed.  Last week, I had analyzed that Airtel will fall this week and rise in the next week.  This week the price has fallen and is expected to rise back next week.
• Buy if price crosses Rs. 332.
• Sell if price falls below Rs. 320.
• (Buy or sell only if price remains above or below these levels for 2-3 days without showing any signs of return, or there is a strong signal from other technical indicators).
• If the price starts rising, it should rise until Rs. 376 where it faces resistance.

Technical Indicators:

• The week ended with an Inverse Hammer Candlestick with low trading interest.
• The Fibonacci Arc 38.2% is acting as support for the price and will most definitely signal a reversal and the price will move up again.
• The short term moving averages are close to each other and a good move can be expected soon, most probably upwards.
• If the price manages to fall this week, the support will be at Rs. 300 - 305 levels.
• If the price rises then by Dec end it will face resistance at Rs. 376 levels.

News (Company's Fundamentals):

• The market is awaiting the launch of 3G services.  If this is well taken up by the market, the company's revenues will go up in all quarters of 2011 as compared to the current year.
• The company's quarterly results are not very good when looking at the results.  The net profits of the company are down.  But the reserves have moved up which is good as this allows the company to make big moves in the market in 2011 in terms of acquisitions and launching new services.   All eyes are right now on 3G and if it can work magic for Airtel.

BHARTI AIRTEL Weekly NSE Stock Chart Technical Analysis

Dabur Weekly: 1-5 Nov 10: Support @ Rs 96

DABUR INDIA Weekly NSE Stock Chart Technical Analysis:

Dabur India closed the week with a spinning top candlestick.  Trading was at one of its lowest in the past 4 months.

The week closed at Rs. 100.10 (This chart only shows updation upto 4th Nov 2010 which closed at Rs. 99.6).

Market Outlook:  

• The price has good support at Rs. 96.  By end of next week, this should be achieved and the price will bounce back from here.  
• If the price goes below Rs 96 and stays below for some days, it could be difficult for the price to return up again for some more time.  
• Don't buy unless the price bounces back from Rs 96, and buy if it bounces off Rs. 96 and starts rising again.

Technical Indicators:

• Fibonacci 78.6% and a 1-year old support line merge at Rs. 96, making it a very important support line for the price which has otherwise been falling since late September.  Once the price regains its uprise after reaching Rs 96, its a good time to buy the stock.  
• If the price falls below Rs 96, the next support can only be found at Rs. 82 price levels. 
• A shoulder and a head have formed at Rs 110 and Rs. 113.  Is there a head and shoulders in the making?  If the price falls to 96, rises back to 110 and falls back again and goes below 96, jump out of the Dabur ship for the time being, or go short to make money.

News:

• Dabur completed a buyout of  Turkey`s Hobi Kozmetik Group last month, and will use this platform for a global launch into Turkey and surrounding European and Middle Eastern Countries. 
• The earnings have increased 10% over the same quarter in last year, which is modest and not attractive considering inflation and increase in consumer demand.  International acquisitions might add flavor to the company in the long run but for now there is no glamor in its quarterly results.

DABUR INDIA Weekly NSE Stock Chart Technical Analysis:

Reliance Ind Weekly: 1-5 Nov '10: Will Price cross Rs 1119?

RELIANCE INDUSTRIES Weekly NSE Stock Chart Technical Analysis:

This week ended on a sour note for Reliance Industries.  The week opened at Rs 1121 and fell to Rs 1062.65 but rallied back slightly to close at Rs 1105.70.

Market Outlook:  Rs 1119 is going to be an important decision making point for the price.  If price remains above this after 3rd week of November, its time to buy.  

Technical Indicators:

• The week ended with a Hanging Man Candlestick.  

• The price has also reached its point of 2 year old resistance trend line.

• 2 important lines of resistance and support dissect in the next couple of weeks at Rs 1119.  This is an important point to watch, keep a keen eye on it.  Any breakouts above this price are to be taken happily.

RELIANCE INDUSTRIES Weekly NSE Stock Chart Technical Analysis