Technical view by Nooresh

Were shorters able to cover….

Just an observation of the last few days.... All the derivative stocks have bounced and in many cases are too close to all time highs.... Few days back the market was rife with rumours of 12k and what not .. Panic exitting , shorting etc etc . Many leveraged players had to cut long positions , same people started shorting in hope of more :) have jumped frm 13800 to 15300 + thats more then 10 % :) ..

In many cases the august series was trading at a huge discount .. So shorters were hopefull or rather trapped as in the september series apart from the gains the discount has reduced so shorts couldnot rollover but had to book bigger losses.. Suddenly all the people and analysts who were talking about llower levels shorting are hiding but dont worry even if a lil dip comes they will shout but u need to shout coz u lost money or dint make money ....

Investing in panics is sometimes much more profitable then the runaway rallies if u see mathematically but it gets diificult to be standing too strong in panics ..

My view during the days with the analysis is clearly mentioned do check the link below

Some old words on that day :

Nagarjuna fertilizers earlier recommend at 20 then again at 24-26 does 33 still holding for investment ............Up 20 % on such a bad day ... Looks like an Ifci in the making with the rumours doing the rounds ....but we will be satisfied with 45-50 tgt for investment with 6mths view as that would be 100 % + neways up 50% frm reco ...

Already at 40 :) world talkin now ... where were they at 20 and 25 . .. This was also written many times on blog and to yahoo friends also ...

Keep reading the previous posts to know more how many times nagarajuna fert , JP hydro were repeated,...

TECHNICAL ANALYSIS SESSION MUMBAI : Tentatively scheduled Sept 09-10 do get in touch to confirm your entry ....For more details Nooresh 09819225396

Current Views :

Sensex has cleared a very important resistance zone of 15100 where we expected a breather and did advise trailing and booking partially and still maintain the same trail ur winning trades ...

Technically it looks like an impulsive move which can also fill the last gap at 15550-15650 .. It has always been witnessed in corrections indian markets have always seen a bounce which is equally stronger... The current global scenario is still a bounce so if u have used the declines to make good investments can pull out some money or trail the trades...

If 15550-15650 is reached in the next 2 weeks then look to buy on dips ..

Stocks that we r holding as BTST from friday ( clients ) NTPC at 170 , IDBI at 121 , RPL at 115 ( every decline just buy n buy ) , Ranbaxy 390 , Bombay Rayon at 224 will trail on monday

RIL had written above 1820-1825 u will see good bounce .. the bounce has gone to newer highs :)

Stocks to watchout for

I have been bullish on banks with a medium term view ...One of the favourites has been DENA BANK looks good for investment on declines and trading above 60

Central Bank looks a good buy on declines till 120 levels and also for short term tgts of 133-137 ... Looks good for intra day on monday or a weekly call too

HLL has seen good buying and is shaping excellently on charts watchout for 210-215 range crossover could give a quick upmove

IDBI .... yes my all time long term favourite alongwith IDFC ,.. Have always advised to be bought on declines ... The real run will start on close above 130 for IDBI use declines to accumulate with a 3 - 9 mths view safe returns

Would like to add RPL in to a long term investment category alongwith my other fav RNRL recommended at 30 .. RPL was also recommended at 68 levels...

CHeck this link out :
Written in MArch u will see it soon on listing days price it dint take much time 2-3 mths :)

High risk day traders :

ALchemist Ltd for quick morning trade ..

Best Regards,



Article by Nooresh Merani

Nooresh has written 2531 articles.

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