Technical view by Nooresh

Still not out of the woods……….Pick the juicy fruits only:)

Sensex has given an extreme short term bearish signal but which is still not convinincing enough to remain short .... Seeing it on parameter basis the fall has been due to mainly heavies and not broadly seen ...

As expected we saw a correction to 14k levels....The best way is to avoid taking index positions till we see a secular move on either side... The bounce to upper levels on basis of global cues will be subdued at higher levels reached sometime back ..

The best approach is to look for very selective stock buying and selective stock selling and less of index ...Autos as said have taken a big hit in the last 4-8 weeks and a very good one in the last few days ...We had been maintaining exit on every rise and shift to other growth areas ...Hope everyone utised the view as we were overtly bullish on sensex for so many weeeks which saw huge moves still i like the sector on declines long term is good only..

Aurobindo Pharma has given a good breakout the call was initiated at 735 to clients in the day for a 1st tgt of 760 + ...COntinue to hold with trailing stops...New territories soon ...

Sterlite Opticals watchout for this stock something cooking on the charts...

Dena Bank is the next bank after initiating investment calls on DCB ( gave good move ) and Indus Ind BAnk ( not moved yet good for longer horizon )

Was out of town for this weekend and short on time so cannot update more ... Be alert and sharp in coming weeks for short term guys ...




Article by Nooresh Merani

Nooresh has written 2531 articles.

You can follow Nooresh Tech on Facebook and Twitter here.

{ 0 comments… add one }

Leave a Comment