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

Reliance Industries Weekly: 8-12 Nov 10: Faces Resistance, Breaks short term support

RELIANCE INDUSTRIES Weekly NSE Stock Chart Technical Analysis:

The week saw a fall throughout, opening at 1113.9 and closing at CMP 1061.85 (a fall of 52.05)

Market Outlook:

• The next week seems like it is set to fall further.  Next support is near Rs 966.
• Possible buy near 966-970.

Technical Indicators:

• Decision point 1 ended negatively as the stock price could not break through resistance. 
• Price fell through a short term line of support which was created since mid-August.
• The resistance at 1119 was too strong for the stock price to break through and it returned from 1113.9.
• With short term support broken, we will have to depend on the support between 961 to 970 to stop the price from falling further.  It might take another 2 weeks to fall and reach this support level.

RELIANCE INDUSTRIES Weekly NSE Stock Chart Technical Analysis