Technical view by Nooresh

Indices close to triangle breakouts…

Sensex technical View :
As was expected the markets took support at the lower side of the triangle and filled the gap at 17140 and have bounced to 17800 levels. So now what next . The triangle breakout is placed at 18000-18050 approx for this week and on the best case sensex can cross 18300 recent top and take a crack at 18900 levels by the weekend. Supports on lower sides are placed at 17500 where short term traders can look to buy . Strategy remains the same to go for short term trades and profits at 18500-18900 if it comes and then wait.

World Indices View :
All the world indices are near to breaking the triangle zones and some of them are near to intermediate tops ( For Sensex its 18900 ) . European Indices like Ftse and CAC are near to breaking out so next 2-5 sessions have to be seen whether they can give a breakout.

As was discussed in the previous posts that all major correcctions take 4-8 weeks minimum to consolidate before taking a reversal move. And we are still 5 weeks so before taking a medium term one can have a re look after 8 weeks frm the lows .

Stocks to watchout for :
Alstom , hind Lever, Tisco and Lic Housing for quick traders to keep watch in momentum .

Trading Messages Sent :
review :Nifty is going towards our tgt of 5340 frm the call initiated at 5145 . K S Oils does 98 + .

25-Feb-2008 15:05:09
STERLITE inds buy at 808-811 for BTST or 1-4 sessions stop of 795 tgt 845

( Tgts achieved in BTST day high of 852 + )

Best regards,


Article by Nooresh Merani

Nooresh has written 2532 articles.

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