Technical view by Nooresh

Budget Day the last trigger….

Sensex Technical View :
Sensex has made a top near to 18137 just around the resistance zone of 18000-18100 which is the upper side of triangle . Nifty on the other side made a top at 5368 which is prev intermediate top ( Thats why our Nifty future tgt was 5340 expecting a 20 point discount max ) .
Only on sustaining 18100 zones the breakout from the triangle can be confirmed. The next funda trigger is the budget and a good budget can actually lead a good rally as global indices and the Sensex are very close to triangle breakouts and should support . Anything unusual seems difficult from the FM or from the markets and the volatility should reduce only in mid March when all the triggers like budget , data etc is digested till then trade for short term.

I wont like to speculate on budget and only thing i can see is certain stocks will jump and dump on many words and be highly volatlie :) so dont get pulled into buying a stock just because FM said " fertlizers " as traders become compulsive and the screen would show big buyers etc...

Stocks to watchout for :
Ranbaxy as was being discussed in previous posts has crossed over 426 and now set for 460 . A close abbove 460 would mean a big breakout
GE Shipping looks good if sustains above 454 for a quick tgt of 490 .

Best Regards,

Article by Nooresh Merani

Nooresh has written 2532 articles.

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