ADSL (Allied Digital Services) In A Bearish Dive

ADSL (Allied Digital Services Ltd) Weekly NSE Stock Chart Technical Analysis:
(As this is a weekly chart, each bar/candlestick represents 1 week of activity)

ADSL had remained sideways for more than an year, before it finally made a bearish breakout in Nov 10.  Since then, the stock price has continuously fallen.

Close & CMP: 155.35

Market Outlook:

• The price could make a small upward correction but then will fall downwards again.
• The next level of support where the price should get some consolidation is at 140.
• ADSL का भाव नवम्बर से गिर रहा है.  इस वक़्त इसमें थोड़े से उपरी मुदाव की सम्भावना है, पर रुख तो नीचे की तरफ ही है.  १४० के पास इस को सुप्पोर्ट मिलना चहिये.

Technical Indicators:

• Three black crows has appeared on the weekly chart, a strong bearish signal.
• 3 important trendlines converged at 195.  The price failed to break above 195 and has remained below.  This is a double bearish signal followed by the preceding bearish breakout in November 2010.
• The price is currently trading within a price channel.
• All indicators are pointing towards the possibility of an upward correction.  So the price could go upwards and hit its resistance in the price channel between 175-155 and then fall back again.
• 140 is a good support level and some sideways movement and consolidation can be expected at this level.
• Overall, a bearish movement in ADSL.  Let's see what happens in the 140-120 price range, which is a support zone for ADSL.  

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ADSL (Allied Digital Services Ltd) Weekly NSE Stock Chart Technical Analysis


(analyzed for Ravichandran, Bangalore)

NIFTY: Support In Sight, Could Provide Momentary Relief

NIFTY Daily Chart Technical Analysis:

NIFTY had a big fall again on Friday, but there was strong buying near the close of the trading period which says that the bulls have not disappeared from the scene yet.

Close & CMP: 5512

Market Outlook:

• NIFTY is near its support area which lies in the 5350 - 5590 range.  As NIFTY is just above this range, the downfall could slow down in this week, at least momentarily.
• Overall though, things are still looking negative so after some sideways movement or small correction, we could see yet another decline.  Don't get bullish yet.
• NIFTY काफी गिर चुकी है लेकिन अब अपने सुप्पोर्ट रेंज के नजदीक है.  निफ्टी की सुप्पोर्ट रेंज 5350 - 5590 के बीच में है.  अब क्यूंकि निफ्टी इस रेंज के नजदीक है, तो गिरता हुआ भाव को कुछ देर तक राहत मिलनी चाहिए.  पर इसका यह मतलब नहीं है की निफ्टी ऊपर जाएगी.  अभी भी उसका रुख तो नीचे की तरफ ही दिख रहा है.  तो लॉन्ग पोसिशन अभी लेने से रुकें. 

Technical Indicators:

• Three Black Crows candlestick formation is visible on the NIFTY daily chart.  But the last day is not a shaven bottom, which shows increased activity from the bulls.
• There is a support range close by, so the price fall should slow down and even exhibit some upward movement.
• NIFTY is deeply undersold so this sideways could see some increased momentum. 
• The market force is quite high and the candlestick patterns, moving averages etc. are all showing an overall negative trend.

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NIFTY Daily 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