Technical view by Nooresh

Discipline saves u from the pain and unexpected…..

Sensex technical View :

Sensex has broken out of 20500 resistance and is a continuation of a run . 20250-20300 is a very important support level . Sustaining below that would negate the breakout and short term players should keep a watch on that. As said before the contribution of the index rally is by few stocks only which is a worry.

Review :

Day before yesterday had written a whole article explaining the neeed to review the portfolio and exit over run stocks and speculative pennies etc.

Hope people took in the caution well to cut down their leverage , margin and penny positions . Whole lot of pennies and small stocks have taken a good beating after that and can take some more in coming days.

Discipline is the word being mentioned in the last few days because there is quick money in certain pennies but u need to be swift enough to conserve it and optimism can take a good part of it back . If u want to stay in for longer run with stability be disciplined in this serious business.

Certain sayings :

When in doubt stay out.

Its not necessary to trade everyday.

If you are not in the market all you can lose is an opportunity.

More trading doesnt imply more money :)

Stocks review :

Sobha developers moved up 10% in the day after taking a beating with the market. Those who have booked partial quantity can hold. Compact does 4 upper freeze and bhuruka did lowers. Avoid weird ideas for some times book whether its profit or losses.
HPCL at 338 to 320 and BPCL at 435 or below looks good for accumulation for patient players.

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Article by Nooresh Merani

Nooresh has written 2532 articles.

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