Technical view by Nooresh

Sensex and views

Sensex technical view :
Sensex has good support in the range of 19500-19800 . Tremdline + channel + moving avg + fibo all the conclusive technical factors in the same range ...Ideally it should bounce from the supports to 20500 -20900 zone in the next 2 weeks .
Only close for 2 -3 sessions below 19600 would negate this and can lead to much more deeper correction.
On a medium term basis the current formations over the last few months is not exciting as consistently the corrections have been of a magnitude of 60-75% and taking supports on lower trendlines and deep moving averages which is not a sign of a very strong bull trend but this has been the case with sensex many times . This is just an academic apprehension as of now and next 2 months will decide the major direction. A new high in next 1 -2 month would make me convinced of the strength. And as it is said better be cautious then optimistic.
TECHNICAL ANALYSIS SESSION ( batch size less then 10 )
BANGALORE JAN 19-20 . ( 2 -3 seats left )
PUNE 1 week of FEB tentatively . Interested people do get in touch quickly ...
For subscription to exclusive analysis for details.
Stocks to watchout for :
Reliance Petro
The stock seems to be making a good bottom arnd 210 levels and if sustains these levels for next 2-5 sessions can expect a tgt of 260-275 in short to medium term . Plain calculation says buy on dips till 215 with a stop at 208 and tgt of 245-260-275 .
Everonn Systems
The stock seems to be in a good bull grip and should continue to march ahead in short to medium term. Earlier recommended at 800 and after that it jumped 50% to 1200 + . those who are holding part quantity can hold and lil more partially . Small exposure advised at current levels for fresh investment also. Good sector to put ur money in .
Best Regards,
Nooresh 09819225396

Article by Nooresh Merani

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