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