Technical Analysis of Indian Equities by Nooresh

Sensex huge resistance around 16800 …

Sensex Technical View :
Sensex has pulled back from the lows and the next level to watch on upside is 16800 near aabouts which is 61 % retracement . So traders who have taken long positions in the pullback should exit around 16800 and wait again for further trades. Only on crossover and sustainin 17200 levels would mean a fresh move which is not in contention as of now. So quick traders can also look to short around 16800-17200 zone.

In last week we had discussed some liquid stocks like Ispat , JP Hydro , Adlabs, Spicejet , IFCI for bottom fishing . Apart from Spicejet all the other stocks have bounced 10-20% and part booking is advised. The other illiquid ones can be accumulated for investment so do ur own research.

Stocks that look good for weekly trades : Cipla , GAil , HUL , NTPC ... Traders can buy in momentum only ...

Some of the trades we took after some time ... Punj lloyd taken at 320-321 holding partly , Praj at 119 , Rnrl at 104-105 , Elec Steel casting at 41 hit upper freeze at 47.5 in the day itself . Will look to book these positions in the week.

Best Regards,

Nooresh

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Article by Nooresh Merani

Nooresh has written 2571 articles.

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