Technical Analysis of Indian Equities by Nooresh

Markets Down ……………………Investments on Highs …

I have been very particular in my views since last so many months to be highly stock specific in your investment decisions……Majority of the people just think of overperforming the sensex which is baseless comparison for an investor….If u check our investment stocks they have overperformed the best possible stock gains in a specified period…..And mind you all are quality stocks we have never ever recommended a Silverline , penta medias etc etc ….

A small example : GVK power hits 10 % upper freeze, Cranes software up more then 10% , Hind Oil exploration 5% freeze ,Jet King on upper freeze etc…..these are some of the stocks which have rocked even on such days so even if our investment stocks correct a little with the markets it should not be a concern…

Intra day calls given to clients today updated

Stocks that could go contrarian were given :

SRF hit 174 closed nominal -ve , Hindalco 154 still good , Relcom went up till 531 closed nominal up , Cummins hit 329 in endin mins of trade up 3-4% …SKumars closed down but still good….

Sensex view :

Sensex has closed below 14300 and will give a confirmation of weakness if stays below tomorrow which chances are good….. Technically a correction to 14k levels would be good …..The sensex heavies have run up a lot and need to gather strength by conolidating in lower regions…. View is again the same the correction on is highly biased towards the heavies and will not easily trickle down to other stocks …..Personally we would like to get buying opportunities in our investment stocks but they dont correct just consolidate then run run ….. Be very stock specific and look to your portfolio then the SENSEX ticker…….

Sector View :

Autos which we had been highly negative for last 2 mths have taken a good beating …..Simple the bad results coz of high manufacturing costs are getting discounted …..Corrective rises should be used to churn …. There are better sectors to invest in…

IT stocks seem to be seeing a corrective upmove in them ….Satyam is setting up the best above 485-490 range ( the business is on sale neways but no takeovers yet ) …….. Infosys above 1980 , Wipro above 550 , Patni yes our fav for so long from 480 recommending it….. HCL tech a pick for the future if goes above 360 a multibagger then …..

We gave intra day calls in all the above IT stocks and they did achieve their tgts except TCS which stayed at buy price….Cummins India did 328 from 316-317 in 15 mins when we initiated the call……

Stocks to look out for medium term investments :

Lupin looks good to accumulate in the range of 670-685 for investment …Srf btwn 163-168 . MTNL arnd 155-159 … Skumars arnd 80-83 ……

Cummins India , Sterlite Opticals look good on intra day low spikes anytime huge spike on cards …

RIsky calls :

Buy Gvk power below 435 …. Bharat Bijlee for intra circuit …..

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The above thought is applicable to this blog aptly as readers and messenger friends have noticed it a lot with many others copying our stuff.

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Article by Nooresh Merani

Nooresh has written 2744 articles.

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