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