Friday, October 9, 2009

>3i Infotech (RR FINANCIAL)

Business Profile
3i Infotech is a global IT company which offers a comprehensive range of software and IT solutions, including packaged applications, for the banking, financial services & insurance (BFSI), manufacturing, contracting, and retail & distribution industries. In addition, it offers a broad range of software services such as custom software development, IT consulting, IS and IT security consulting, enterprise application integration (EAI), and specialized services such as product reengineering, compliance consultancy, application rehabilitation and egovernance, among others.

Technical Analysis
The Stock has been trading in a consolidation phase for the past few sessions. In the last 3 sessions the stock has perform showing decent gains. A clear breakout above the level of 90 has occurred and it is expected to trade in the uptrend for the coming sessions.

Technical History
After bottoming out at 26 in march09 the stock has made a high of 105. All the trends are giving bullish indication (Long term, Short term, Immediate term).The volumes are important aspect. Increasing volumes are confirming the uptrend.

The Ascending triangle formation on the daily chart with rising trend line gives the immediate target of 117..The RSI on the weekly chart trading at 64 .The stock is trading above its 200EMA. The resistance is seen at 118-120.At these levels some correction is expected .Strategy for short term traders would be to book profit at these levels while long term investors can stay invested for the next target of 136.

To see full report: 3I INFOTECH