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