LIC Housing Finance: Short Term Upward Correction Possible

LIC HOUSING FINANCE Daily NSE Chart Technical Analysis:

LIC Housing is sideways after a big fall (which was triggered by LIC Hsg's name coming up for a bribe-for-loan scam).

Close & CMP is 915.50.

Market Outlook:

• The price is set to make a correction after the big fall.  If the market climbs on Monday, there might be an opportunity to go long with a stop loss at 870 and a targets at 1020 and 1100.

Technical Indicators:

• The weekly chart is showing building up of momentum which means a natural correction could be occurring.
• Don't hang around in this stock, there is no visibility of long-term revival as of now.  I have my doubts and this stock could lose a lot of value once the scam unravels.  Trade this one for short term profit only.

LIC HOUSING FINANCE Daily NSE Chart Technical Analysis

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

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

Indiabulls Daily & Weekly Outlook

INDIABULLS Daily NSE Stock Chart Technical Analysis

Indiabulls stock price on NSE fell today after a heightened interest yesterday.

The price closed at 223.2 after opening at 230.85.

Market Outlook:  The price could fall further tomorrow.  The line of support is around 220 levels and an intraday high of 230 is possible.

This week could end around 204.  By next week, the price could rise again, but this is only an assumption and we will wait for end of week indicators.

Technical Indicators:

Price has taken support near the 78.6% level.  (Fibonacci lines not shown on this chart)

Rs 221 is also a price support level from the past, as is visible on the chart above.  The price will get good support right now and this will slow down the speed of today's fall in the coming days of the week.

(Analyzed for Jojo, Kochi)