Weekly technical analysis for the Indian market

Published September 18, 2018

Investtech.com is excited to publish its first analysis of Indian stocks. We are starting to offer a weekly technical analysis report of three Indian stocks.

Nifty 50 (NIFTY.NS) Close: 11278.90

Nifty 50 is inside a rising trend channel in the medium term chart. This signals increasing optimism among investors and indicates continued rise. The index has corrected from its high of 11739 on the closing basis. There is support at 11100 points and resistance around points 11730. The index is overall assessed as technically positive for the medium term.
Investtech's recommendation: Buy

Reliance Industries Li (RELIANCE.NS) Close: 1215.40

Reliance Industries Limited is trading inside a rising trend channel in the medium term. This shows that investors over time have bought the stock at higher prices and indicates good development for the company. The stock has slightly corrected from its recent top and the momentum is falling. This indicates slowdown in rising stock price in the short term. However the stock is closer to its short term support of around 1190 rupees. A bounce back can take the stock back to its previous high or further up.
Investtech's recommendation: Buy

Maruti Suzuki India Li (MARUTI.NS) Close: 8395.00

After a serious bull run of many years, Maruti Suzuki India Limited has broken the bottom line of the upward trend channel in all time horizons, short, medium and long term. The stock is now trading under its 200 moving average and has broken support around 8600 rupees. Further downfall is suggested. There is resistance around 8770 in case of any upswing. With RSI under 30, momentum is suggested to be weak and it supports price fall.
Investtech's recommendation: Sell

Universal Cables Limit (UNIVCABLES.NS) Close: 259.90

Investors have paid higher prices over time to buy Universal Cables Limited and the stock is in a rising trend channel in the medium term.
The volume balance indicator, which is shown as green arrows at the bottom right corner of the chart, indicates that buyers are aggressive to buy in the stock, while sellers are passive and unwilling to sell at any lower price. Momentum in the stock is positive, with RSI over 70, which supports the rising trend.
The stock is in all-time-high. Hence there is no resistance for the stock, while in case of any price correction, there is support around 217 rupees.
Investtech's recommendation: Buy

The analyses are based on closing price as per September 18, 2018.