Technical Analysis of Indian Equities by Nooresh

Poison still Left …!!! or treatment underway !!!!

We had tried to remind dont go overboard with a little bounce and wait ...Hoe people dint make the mistake of building huge positions...There is still some amount of poison left in the market which can be treated either by consolidation or by squeezing little more blood ....

Sugars as said buy good quantity or average and cut of at break even or small losses for stuck people and shift to better place....Balrampur frm 55 to 65 and bajaj hind frm 135 to 189 have given a good bounce frm the support levels which i liked and siad around a month or more back book profits at every rise if u entered ...I still maintain its just a bounce long term continues to be bad on charts...

IFCI shud sustain 31 .40 levels and if it that happnes new run ...Keep a stoploss of 27 on closing

As said before wait ...Investors can start buying particular stock in small lots ...But i dont see good corrections in our favourite picks to advise adding ....

Sensex is remaining range bound and would be good if it vibrates in btwn 12750 to 13300 and for nifty 3700- 3850 ...Ideally if we would have to go long we would wait for such consolidation or for a little more downside...Any move on either side would decide the trend for coming few sessions ...Cement pack( maybe a settlement on cards) can change the course of action to upside ...

Bharat Forge is getting weaker on charts

Long term scenario for the sensex will only b enegated if we have a weeklyor monthly close below 11600-11800 levels ....That is the worst possible case less probable also ....Markets has good support around 12500 +- 50 points ....

Wait and watch and make a selection of good stocks which one would like to buy for medium term...Sectors which i like everyone knows now...addition to it steel stocks...

Review of some prev picks :

IT pack : A good correction ...re enter in small lots at every decline seems last opportunity for investing is in these 3-5 weeks ....Dont tell me abt MAT ...it aint bad...Gives them the write to ask more frm the government ...
Whenever there is such an addition to any sector there is a hue and cry frm the mgmts , not the case with IT they can digest this little hike...

Plus Point : The MAT applied by FM a year earlier shows that IT growing faster !!! never do u see such things in India ...

IT training : NIIT and Aptech our picks running and continue to keep hitting 52 week highs ...Still much more to come ...NIIT has doubled frm our reco sell part to re enter 4 figs and + is what i see.......Aptech frm 140 to 250 still much more in long term ...

Oil Drilling Pack :

Alpha Geo , Seamec , Shiv vani Drilling , Aban Lloyd have not seen much of a correction ...But if you see good correction take it as an opportunity if you are an investors ..Mind it i wont advise trading for very short term in these stocks...


Regards,

Nooresh 9819225396 ( call for queries and services )

noorrock2002@gmail.com

noorrock2002@yahoo.com ( add to learn more )

Article by Nooresh Merani

Nooresh has written 2613 articles.

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