Indiabulls at rs 176 Support line, Might Rise

INDIABULLS Daily NSE Stock Chart Technical Analysis:

Indiabulls again fell today, Opened at 196.4 and fell throughout the day to close at CMP 180.5 (losing close to 8% on a single day).

Market Outlook:  

• The price fall will be challenged by the support at 176.  It will be important to watch if the price respects this level or breaks and falls below it.  Even today you can see that the price reached this important support level as its intraday low but then rose back again.

Technical Indicators:

• 176 is a double support - a double bottom and Fibonacci.  The moment stock price touched this level, the market resumed buying interest in Indiabulls.
• If the stock remains above 176 and rises again, one could buy with a target of 216-221.
• The stock is deeply oversold, indicating a possible upward correction very soon.
• If the price falls below 176, the next support will only come at 159.  

INDIABULLS Daily NSE Stock Chart Technical Analysis

Indian Hotels: Expected to Rise

INDIAN HOTELS Daily BSE Stock Chart Technical Analysis:

Indian Hotels went up today.  The price opened at 103.4 and CMP is 106.7.

Market Outlook: 

• There is a long term line of resistance as visible on the chart.  Tomorrow the price will try to break it and climb upwards from Rs. 108.  We can see that the price hit the resistance today and retracted.
• I expect the price to keep moving upwards for this week and break its resistance.  
• For intraday, buy at 106 and sell at 110.  I don't do much intraday so this is only a recommendation, I wouldn't be doing it myself.

Technical Indicators:

• Fibonacci Support at 102.50 and 98.50.  Fibonacci resistance at 110.
• There is a double bottom support at 95.   
• Breaking 114 is crucial.  If the price can do this, its time to go long. 
• No chance of fall in the short term.

Fundamentals:

The P/E of this stock is quite high - 63.  Still many analysts are calling it undervalued.  So there seems to be a disparity of opinion so I'll strictly stick to the technical charts for trading Indian Hotels.

INDIAN HOTELS Daily BSE Stock Chart Technical Analysis

(Analyzed for R Gupta, Delhi)

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

Jubilant Foods Resistance @ Rs 565

JUBILANT FOODS Daily NSE Stock Chart Technical Analysis

Jubilant Food is marching ahead since its IPO early this year.  Currently, the price is sideways since the last 3 months, topping close to the Rs 560 range.

The price fell on 5 Nov 2010, opening at 565 and closing at 552.65.

Market Outlook: The price is trying to break its high and climb upwards.  There is no buy-sell signal yet.  If price crosses Rs. 565 and stays up for 2-3 days, there might be a buy signal.  There is a price fall on 5th Nov but I feel this is short term profit booking and the price could rise again soon after a brief correction.

Technical Indicators:

The price has moved sideways since 3 months.  

Right now, the price is trying to break through its previous high.  The intraday highs have managed to do this since the past 3 days, but the price returns to close below the previous high.

If price closes above the  line as seen on the chart and remains above it for 2-3 days, there might be a signal to go long.

If the price falls for a few days, which seems unlikely, the support is available at Rs 465.

News:

Jubilant Foods has had a great quarter and a great year.  It is planning to expand the business and penetrate both wide and deep.  They are also adding accompaniments to the pizzas such as desserts and pastas.  Also, they have a range of low-cost pizzas as well to appeal to a larger audience.

The stock seems a good one for the long run, and should grow in 2011 as well.

(Analyzed on request of Mohan, Kolkata)

Chart Source: in.reuters.com

JUBILANT FOODS Daily NSE Stock Chart Technical Analysis

Educomp Solutions U-turns After Long Fall

EDUCOMP SOLUTIONS Daily NSE Stock Chart Technical Analysis


Educomp Solutions Ltd on NSE made a U-turn today after 3 weeks of downfall.  


The price opened at 555 and closed at 548.9.  Though the price closed lower than its open, it closed above yesterday's intraday low, which also comes as a welcome sign at this point.


Market Outlook:  The price should begin going up again, but wait a couple of days for confirmation before buying.  Points of resistance will be at 614, 654 and 700.  The points of support in case the price falls will be at 550 and 540.  


Technical Indicators:

• The downfall slowed down and turned after strong high volume falling, this seems to be an exhaustion.  

• The price makes a double bottom at 548.  This also happens to be the Fibonacci 50% support level.

• This long term view of the chart is a classic example of resistance turning into support and vice-versa.

Airtel Gap-Up

Airtel Daily NSE Stock Chart Technical Analysis:

Airtel jumped up and was one of the big gainers along with NIFTY today.

The price opened gap up at 329, whereas yesterday's open was 328.  The price rose steadily throughout the day and closed at 335.3.

Market Outlook:  It is not likely that the market will be able to continue today's pace tomorrow, unless people jump in thinking this is a rally, in which case it might be positive tomorrow as well and slow down the day after.  In any case, definitely sideways.

Technical Indicators:

• The market formed a positive marabozu candle today, price rising throughout the day.
  
• The volume is quite low, even though the price gapped up and rose throughout the day.  Too many people didn't participate today, just a few people changed hands at higher prices which the market overall seemed to not consider very believable.
  
• Moving averages have converged and after 2.5 months, the 20 day MA is about to cross the 50 day MA.  That's a good signal.
  
• The price got support near Rs. 220, where it made a double bottom.  This is also a previous consolidation level of the market, and it is positive that the price didn't break through and went back up again.
  
• The price has broken a trend line triangle.  The diagonal should serve as a support line for the next 3-4 days.

Dabur Could Fall if Fibonacci Zero % breached - Day 2

Dabur stock price on NSE created a consecutive bottom today when its intraday low closely match yesterday's intraday low.  But the price rallied back and closed above yesterday's high.

The overall market interest in this stock was average and much lower than yesterday.

The Fibonacci Zero % Level was not breached even today,  but the stock opened higher today at 23.5% Fibonacci level, higher than yesterday's close, and closed above yesterday's close as well.

Only if the Fibonacci Zero % is breached, should you think about liquidating this stock. If not, wait and watch.

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.

Mahindra & Mahindra (M&M) Scooters stock price on NSE is in a price channel since Mar 2010. The price tried to break out of this channel on 5th and 6th October but could not do so and fell back into the price channel.  

Today's high is close to the upper limit of the price channel, but the stock closed lower than its high so the price may rise tomorrow atleast in the first session.

What happens after the price hits the resistance of the price channel is important to watch.

 

A closer look at today's chart shows an indecisive market.  Also, double tops have formed previously at 744 and double bottoms have formed at 688.  Breaking either of these levels after an indecision day can signal the next move in the market.  Wait and watch.

Ashok Leyland Stock on NSE has hugged its 50 day SMA so well since it began uptrending in early 2009, almost 2 years ago.  Keep watching the 50 day SMA for clues on trading Ashok Leyland.

A closer look at recent Ashok Leyland price chart shows the formation of a double bottom and quadruple top.

77 is proving to be strong price resistance level for the Ashok Leyland stock, with support at 71.8.

Today the price fell and closed almost near yesterday's low.  However, the volume was less than 50% of yesterday.  This means that the fall in price may not be sustained on Monday when the market opens, and the price will try to break the 77 resistance.

The stock becomes a good prospect for short term trading if it rises above 79.