LS Election Results till August 2014 & Current NIFTY Analysis

NIFTY Daily Chart Technical Analysis

The excitement over poll results is diminishing as market is returning to basics. NIFTY has formed a double top near 7968. The candlesticks have shrunk in size. Market has remained at same level since almost 2 trading weeks. Volume has shrunk. Short positions can be taken when market falls from resistance levels. 

Yet, there is a bullish price channel in which the index is traveling and this needs to be watched keenly for breakouts.

This market is currently in a wait-n-watch zone and supports short-term positions, with larger positions to be taken when resistance or support breaks.  

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NIFTY Daily Chart Technical Analysis

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

Jindal Polyfilm: Support @ 618, Buy Possibility in 1-2 days

JINDAL POLYFILM Daily NSE Stock Chart Technical Analysis

Jindal Polyfilm fell today, opened at 641 and CMP is 632.60.

Market Outlook: 

• The price will hit its support near Rs. 618 to Rs 622 and rise again.
• There is an opportunity to go long if the price rises back with good volume.
• The first target would be at Rs 660.  The second target would be at Rs. 695.  But sell only if the price hits 695 and falls back below 685.  If it goes above 695, stay invested.

Technical Indicators:

• The point of Fibonacci support is at Rs. 618.  If it breaks 618 the next level of support is at Rs. 543.  
• Resistance is at Rs 695.  The price has made a double top at this level recently.
• If the price breaks 695, its a good opportunity to go long.

JINDAL POLYFILM Daily NSE Stock Chart Technical Analysis


(Analyzed for Vikalp, Delhi)

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)

Indraprastha Medical Weekly: 1-5 Nov 10: Not Looking Good

INDRAPRASTHA MEDICAL Weekly NSE Stock Chart Technical Analysis:

Indraprastha Medical closed lower this week at 44.50 after opening the week at 45.70.

Market Outlook:  

• The market should go sideways next week. 
• Don't buy immediately, no signals yet.
• Good buy if it jumps Rs 55. 
• Exit / go short if it goes below Rs 43.

Technical Indicators:

• A trend triangle has formed.  The angles of which are at 47.50, we can see that the stock faced resistance at this point and dropped below.  
• The next decision making point is depicted by the blue dot on the chart.
• If the stock falls and remains below Rs. 43,.its a good opportunity to short.
• A double top has formed at Rs. 54.  If stock climbs above 55, its a good opportunity to go long. 

News (Fundamentals):

• Bad results with lower sales than last year and lower profits and lower earning per share show this is not a good time to enter this stock.  

INDRAPRASTHA 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

ICICI Bank Faces Resistance at 1241

ICICI Bank Daily NSE Stock Chart Technical Analysis:

ICICI walked sideways today after a big gap-up yesterday.  

The market made a double top at today's high near 1246.7.  This is also the same level where the stock faced consolidation and made double tops just before the 2008 recession began.

Market Outlook:  Breaking above 1250 will be a landmark for ICICI Bank, there is high resistance to breaking this level.  

Tomorrow will be another sideways day, unless there is some sudden effect of the bank repo rate announcement by the RBI, in which case the rate will fall and find support at between 1170 and 1185.

If the price does not fall tomorrow, it'll fall the day after.

Technical Indicators:

Spinning Top candlestick portrays indecisiveness in the market.  People are waiting for something to happen.

The price is sailing well into the oversold levels.

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. 

IDBI Sideways but Breaks Through Double Top

Yes! IDBI Bank stock on NSE has finally broken its double top.  Combined with other indicators, it suggests a slow and steady upward rise.  This might be too soon to take a position, but we should get a confirmation within a couple of days whether to take a position. 

Chart Source: www.moneycontrol.com

IDBI between Double Top & Double Bottom

IDBI Bank has lowered today and unable to cross the double top created a couple of days ago.  

It has also managed to remain above the close double bottom, but is expected to fall below that level tomorrow based on other indicators.

The next support is around 145-150 levels.

Chart Source: in.retuers.com

IDBI Sideways and Double Top

IDBI stock on NSE continues sideways.  

It has made a double top formation at 164.5.  

In between the double tops, it has also made a close double bottom around 154.5. 

The stock will most probably try and break its double top.  If it fails, it could be a good time to take a short position based on other confirmations.  

Chart Source: www.google.com/finance