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