Technical view by Nooresh

Sensex bouncing back as expected….

Sensex Technical View :
It was mentioned on Sunday that March 10 being the 34th day from the Jan 22 low would be a crucial day to watch for reversal . 34 is a fibonacci no. Sensex made a low of 15362 very close to the previous bottom of 15332 . The bounce back should see resistances at 17000-17200 levels on the upside once it sustains above 16300 zone.The current swing is a bounce back and indices need to sustain at higher levels for few weeks to confirm a change of trend .

Investors who as advised had put in cash in last two days should reduce the holding partially if they get 15-25 % upmove in the stocks bought as part of discipline.

Investors who did not put in cash in the last two days should wait for some dips and if they do wanna buy make it to be part ... Traders who picked up stocks can look to book by this weekend ...

While writing the blog Dow is trading 350+ points which in ideal scenario should pull up our indices close to our bounce tgt levels .

Yesterdays Lines :
Short term traders can look to buy over corrected stocks on dips near 15500-15700 index with a stop of 15300 roughly for a bounce back of 10-20% .

Sensex made a low of 15740 today and now with good global cues traders should get the 10-20% gains easily , many of the stocks in the high risk segment moved up 10-15% today itself. DLF , Unitech , ibull real , core etc did a good jump to which should continue tomorrow ... SBI reliance will give the 10-15 % safe bounce we were looking at... Be disciplined and book profits as traders should be nimble footed always...

Some of the messages of the day :
11-Mar-2008 10:09:25

SBI , Reliance , Nifty , GTl infra, Videocon,PNB gilts continue to hold part qty for short term.
11-Mar-2008 10:34:13
Ispat inds buy small qty at 36.2-35 stop 34 for short term delivery tgt 40-43 .

11-Mar-2008 12:34:45
Nifty futures raise stoploss to 4780 next tgt at 4890-4950 -5040 on upside. SBI book another part and totally half at 1930 . Reliance 2315-2330 half booking,

Summary : Nifty futures call initiated at 4650 half booked till 4770 and rest holding .... still its up 200 points frm call .... Nifty 4900 call 85 to 140 half holding , SBI , Reliance , Videocon , GTL infra part booked rest holding .... Would look to book fully in next couple of days....Safe disciplined trading...

Best Regards,



Article by Nooresh Merani

Nooresh has written 2532 articles.

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