IVCRL Infras taking help of Support Line

IVRCL Infras Daily NSE Stock Chart Technical Analysis:

The movement has slowed down for the timebeing as the market is awaiting another move on this stock.

Today's market price is at Rs 155.55

Market Outlook:  The price should remain between Rs 164 and Rs 147 until Mid-November.  

If you are in a buy and hold with this stock, its been an unlucky run for you.  This is a good stock to play short.

Technical Indicators:

There is a long term line of resistance for this stock, running from Jan 2008 till date.  The price has tried to break this line multiple times, succeeding briefly once for a few days between June and July 2010, but fell back below this line since then.

There are 3 lines of support emerging from the market low.  Both of these were breached in May and Oct '10 after providing some support to the falling price.

The 3rd line of support crosses the long-term resistance in Jan '11 at a price level of Rs 158.

Keep an eye on any break of this support.  If it happens, the price may continue falling, with subsequent support at 142, 129 and 88.  If price falls beneath support, go short with a target of these support lines.

(Analyzed on request of Nandgopal, Mettur)