3i Infotech Hits The Double Top Barrier

3i INFOTECH Daily NSE Stock Chart Technical Analysis:


3i Infotech opened gap down and people showed little interest in trading it at the current price level.

Market Outlook:

• The price is trying to resist further fall.  But how much it succeeds, we can only find out next week.  For now, no trading signals on this one, wait for Monday trading scenario before getting into 3i.

Technical Indicators:

• The price has made a Double Top near 59.50, a level that co-incides with the 38.2% Fibonacci Retracement level.  This makes it a strong resistance point an indicator that the price may fall further.
• The stock is majorly over-sold at the current level and momentum is headed downward.
• The only saving grace is the Doji candlestick which has formed on Friday, this is showing that the market is resisting a further fall and might try to climb on Monday.  However, the chances of this happening do not look very hunky-dory.
• As for now don't get into 3i Infotech, wait for signals.

All Previous Blog Posts About 3i Infotech


3i INFOTECH Daily 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

3i Infotech Weekly: 1-5 Nov 10: Tough times for 3i

3i INFOTECH Weekly NSE Stock Chart Technical Analysis:

This week closed at Rs 67.05.  The chart above is showing data updated until 4th Nov only.  The candlestick pattern for the week is a shooting star

Market Outlook: The price should fall in the next week after two indecisive week.  Don't buy this stock as of now. Sell if it closes below 61 with no indicators showing that it'll return.

Technical Indicators:

• This week ended with a shooting star candlestick.  It's not exactly a shooting star but that is the closest way to describe it.

• There are lines of resistance and support which merge by end of December 2010, around Rs. 65-67.  

• By Dec end we should have a clear picture emerging of which way the stock is headed.  

News:

• A looming rumor of being acquired by Satyam Mahindra is a beam of hope for this stock.  If this news comes, jump in and buy immediately for a short term gain.

3i INFOTECH Weekly NSE Stock Chart Technical Analysis:

3i Infotech Resistance at Rs 70

3i Infotech Daily NSE Stock Chart Technical Analysis:


3i Infotech on NSE maintained its line of resistance at Rs 70 and fell throughout the day to close at 67.05.  The support for this fall is found at Rs 65 and Rs 66.


Market Outlook: The price could fall further tomorrow and test the support levels of 66 and 65.  If Rs 65 is broken and the price falls below that, it could lead to a downtrend.


Technical Indicators:


Rs 65 is a long term support line and 3i price has repeatedly found support on this line in the past 2 years, which makes it a very important level to watch.


Rs 65 is also the 61.8% level for the current Fibonacci Retracements, which makes it even more important right now.

3i Infotech: Support at Rs 65-66, Watch out for Rs 70

3i Infotech Daily NSE Stock Chart Technical Analysis:

3i Infotech made a weak rise today with an inside bar.

Market Outlook:  Tomorrow should be another sideways movement with a possible lower close than today.  The price has good support at Rs. 65 - 66 levels.  Watch out for the Rs 70 price level.  If this is broken and there are positive signals on successive days, it might be a good time to go long on 3i Infotech.

Technical Indicators:

• Price has met resistance at the 250 day moving average.
• A price channel between Rs. 65 and Rs. 70 has formed.  Price could fall tomorrow but will find support between 65 and 66.  
• Volume is very low today inspite of rise.  The market seems not very interested in a rally.
• The price briefly pierced through the psychological level of 70 but returned back and closed below it.  

3i Infotech Weekly: 25-29 Oct'10: Doji Candlestick

3i Infotech NSE Weekly Stock Chart Technical Analysis:

People have shown great interest in looking at the 3i Infotech charts on my blog, so I'm adding a weekly analysis of this stock as well.

3i Infotech has formed a Doji star.  After a good rise last week, this week has seen some profit booking, leading to a balanced market with neither the buyers nor the sellers in control.

The week opened at 66.9 and closed at 67.2.  The intra week high and low were 70.25 and 65.2.  This is less than 10% volatility and almost negligible difference between the open and close price, inspite of good volume.

Outlook for next week: The price is expected to move sideways for the coming week.

Technical Indicators:

The price finally peeked above the 50 week moving average after 6 months.  This is a good sign as the stock is struggling to break its sideways trend and rise upwards.  

But the appearance of a doji candlestick shows that the market is not very sure if the price should be pushed beyond the 50 week moving average.  In fact, the price went beyond this line during the week but the price closed below this line.  That's not too optimistic

The stock has slowed its journey towards the oversold levels.  So it might soon turn downwards.  Based on this indicator, the price should move sideways next week, and then fall back in the week after that.  Unless of course, some big news comes in.

Talking of big news, there are rumors that Satyam Mahindra may consider buying 3i Infotech.  This is unconfirmed, but if this happens, 3i Infotech could suddenly be seen soaring high above its current price level.  

3i Infotech & 200-day EMA

3i Infotech stock price on BSE has crossed its 200-day EMA from the underneath after almost 6 months of staying under the 200 day moving average.

This could mark a positive sign for 3i Infotech in the stock market.  

A closer looks shows that today, the stock price went to an intraday high above the 200 day moving average but it dropped back to close further below with good volume.

Moreover, the intraday high touched and retracted from a trendline that is supported by some other tops and bottoms in the past 6 months.

Though the stock has faced resistance at this level, breaking through the 200 day moving average is a very positive sign and if the price breaks through this resistance with confirmation on next successive day/s, its a good time to long this stock.  I'll keep this forum updated.

3i Infotech touches 200-day Moving Average from below

3i Infotech stock price on BSE at Rs. 68.25 has almost touched its 200-day moving average from below after falling below it in early Feb 2010.

The price did try to break through its 200-day moving average in early March, but could not achieve it.

After almost 8 months, the price has again climbed to its 200 day moving average, as is visible in today's chart.  The volume is also quite good.  If the price breaks the moving average, its a good time to go long on 3i Infotech.