Technical view by Nooresh

Sensex at last moves out of the range….

Sensex Technical View :
Again getting back to the chart which was posted few days back showing the triangle. 15950 was the resistance mentioned and the indices dipped twice from those levels . With global cues i was looking towards testing of 15450 and it was a surprising move in index stocks on back of IT to breakout of the range. As was adviced to buy on crossing 15950 for a quick move and movement it crossed the level we saw a 300 point upmove in no time.
Closing above 15950 implies a good possibility of markets trying to test the heavy resistance range of 16800-17200 . There is a minor resistance at 16450. Strategy would be to look for stock specific longs on every dip for limited upside of 15% in particular stocks.
Stocks to watchout for :
RPL , essar oil and Hind Oil exploration continued beyond tgts , MRPL and Petronet sluggish . K S oils looking good for more. Other bottom fishing stocks discussed also look good...
Kotak Mahindra Bank can buy on dips to 670 stop of 654 tgt 750 .
Sterlite Optical looks good for 190 .
High risk bottom fishing candidates =-- Aurobindo Pharma and TVS notors..
Over corrected small caps which look good for investment with a possible return of 20 % in next 2weeks to 2 mths.
KEI Inds , Noida Toll Bridge , Ceat Ltd..........low risk ..
Bpl Ltd , Gulf Oil in high risk category ...
Investors do ur own research before buying into the above stocks.
Best Regards,

Article by Nooresh Merani

Nooresh has written 2531 articles.

You can follow Nooresh Tech on Facebook and Twitter here.

{ 0 comments… add one }

Leave a Comment