Technical Analysis of Indian Equities by Nooresh

Dow Jones goes Mad…Sensex Rocks…. Steel SOLID …

UPTREND , HAPPY DAYS , BULL WAVE 4200+ + etc etc etc .....

Few days Back : Bulls Go for A VAcation , PANIC , BLOODBATH , etc etc etc ....

This is how the headlines change in a matter of few days ...,... This is what an analyst should do: replace the bad words by super adjectives so u never get caught on the wrong foot( 1000 + points missed or lost heavily in going against it ) .... Its not just in India it goes all over the world...

Few days back one late night out of boredom turned on CNBC for some entertainment...But forgot it was US market timings ...Same words panic why the hell should NASDAQ or DOW go up they r bound to see lower levels blablabal.................................This prompted us to put in the DOW JONES analysis a lil later.... Who says U.S economy going to the dogs ..

By Allah's grace and hard work we were again right in analyzing yet another chart ( DOW Jones ) ..Now you see DOW hitting 13k and headlines Dow Jones goes Mad.... blabla....

Also Steel sector we loved it even when people told us GOVT gonna screw them etc etc ...But we persevered coz charts dint say so ...Our picks TISCO did 530+ from 452 ....JSW Steel 580+ from 490 ... SAIL also did good...Jindal Stainless on a roll now, Sterlite also looks good ...We still maintain our long term bull view on them no short term reversal signs seen yet so hold with trailing stoplosses even fresh longs on momentum ....

Sensex as of now has immediate resistance at 14100 and upper momentum resistance at 14350-14400 levels which being another Fibonacii retracement area on higher side.

Best Regards,

Nooresh

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Article by Nooresh Merani

Nooresh has written 2583 articles.

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