Technical Analysis of Indian Equities by Nooresh

Consolidation or Weakness ..

Traders are being screwed on both sides as seen in last two days :::It is not necessary to trade everyday is a thumb rule which everyone should remember ...

This is called traders memory yesterday we were up 300 today we were down 300 but in the end 100 odd ....Now what i listen is doomsday again ......still we are 200 points up from lows ...

I maintain 12300 remains a good support only on close below that we open to 11400-11800 region which seems a little far fetched as of yet .....

Abb achieves target of 3220 levels...

Current View :

Banking stocks seems a last fall is there and maybe if we fall another 5-8% then problems may emanate ....ITC seems to be the one which would be blamed in any further decline ......HLL and ranbaxy seem to have died never liked both actually ....So the scenario now is if we sustain and consolidate for few days its good ...So wait and let the dust settle ...Investors can step in and buy in small lots at every decline...

Just go through our previous posts for our picks in IT , oil drilling and steel ...

Regards,

Nooresh

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Article by Nooresh Merani

Nooresh has written 2556 articles.

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