Technical view by Nooresh

Better to be cautious then optimistic…..

Sensex Technical View:
The upmove starting 15950 levels seems to be tiring down around 17500 + zones. Higher side the target area is 18300. Supports are placed at 1690--17100 zone in near term. The upmove which mainly started from 15950 and at that point of time the suggested tgt range was 16800 -17200 and we saw a few days consolidation arnd that zone.

After the consolidation again we saw a breakout which we were waiting for and all the global indices inched up. Above 16900 we have reached the tgt zone yet again arnd 17500 zone.

So in all traders got a clean move from 15950 to 17700 which is a good 1500-1800 points or 10+ % on indices and much more in particular stocks as we kept shifting from one stock to other after gains of 15+ % optimizing the returns in the short span .

Yet again we are at a stage where traders should wait for the market to give fresh signals and particular stocks show strength or weaknes. There are two possibilities at this stage and the market moves would trigger our view to take trades accordingly.
a ) On a bullish note considering the current upmove is not yet completed and there is a good possibility that a small dip to 17100 zone is seen and markets take a shot at 18200-18300. After that we could see a correction of the whole upmove from 14700 to the top zone.
b) On the other side considering 17700 the recent top being the end of the leg the indices can open up the correction for the entire upmove and it has to be seen where the correction stops to confirm whether we get a higher low or not.

Strategy :
As being repeated investors who did good shopping at lower levels should reduce or book fully the bottom buys at 17500 to 18300 levels slowly. Pulling out profits and generating a good cash level is necessary for investors with discipline, so simply put generate cash at 17500 + . Traders can still continue to look for stock specific opportunities if there are fresh moves and with strict stoplosses and book profits in over run stocks. And above all most important thing a trader has to remember one line " If you are not in the market all u can lose is an opportunity"

Stocks to watchout for :

GTL infra does 58 , Core projects 234 , K S Oils 83, Godrej Inds 320 frm 285 ( client call ) , Many other stocks nearing tgt zones so advising to book profits to half or more and keep trailing stoploss for rest ..

Reliance Inds tried to knock 2700 but not able to sustain keep strict stop at 2630, Banking stocks pulled up a bit still some juice left.
TTML looks like a small breakout can be bought near 37 with 35.8 stop or in momentum above 39.
Ispat can catch momentum if crossed 37.5 with volumes... Traders can keep a close watch.


The technical analysis session we conduct is for people who are interested in understanding the process of analyzing technicals in a simple , quick and efficient manner and would like to get independent in analyzing and deciding for themselves throughout in the future.

MUMBAI and AHMEDABAD are the cities where sessions are planned for 3rd and 4th weekend of MAY .

Interested people can call me at 919819225396 after market hours for queries and confirmations.

Will wait if there are some breakouts in the day to trigger fresh trades. As volatility should increase in the next two weeks as the result season is almost over and not many fresh triggers for upmoves . RBI meet is over etc , etc, ... Govt doesnt surprise a lot positively , not much results left so no sentiment trigger as of now... Wait and watch in that sense for a sentiment change ...

Best Regards,



Article by Nooresh Merani

Nooresh has written 2531 articles.

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