Technical view by Nooresh

Bse Sensex res@ 14100

Bse Sensex
As i had written few days back about a breather .. as the nifty n sensex were to touch the upper channel....
Now again i say 14100 .. is the 38.2 % level to lookout for ..
People would come up with elliot wave analysis and say the 3rd wave 5 th wave and all that .. But that would be ambigous and different formations by all .. everyone will be following different rules..
So i would not like to confuse u all with technical jargon ..
i ll follow KEEP IT SIMPLE STUPID ( KISS ) method taught in IT engg... heheh..
I have been using simple fibonacci ratios the base rule for elliot wave analysis..
38.2 % level for the sensex comes at arn 14100 .. Channel resistance near to 14k ..I expect a dip or correction of 500-1000 points from this level ..
The short term uptrend remains intact till we dont close below 12950 .. till then no wrries markets will cross 14k levels but for that we need a correction ..
Stock specific action will continue in this correction so dont sell good stocks lookout to add more if u get them a lil lower .. will come up with a list of stocks to eat on in the correction if it comes..
Hedge ur longs ardn 14100 levels by buying puts.. The long term trend remains strong for years .. i have been writing about a bull run frm sept to january and beyond thots n that is the way its happening no probs go on with it..

Article by Nooresh Merani

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