Technical view by Nooresh

Pullback from channel …. Be stock specific…

Sensex Technical View :
Sensex made a quick comeback after testing the channel lows and almost hit 17500 . The index now needs to clear 17750 levels which is the next barrier. The current upmove has still not seen much of moves from the out of index stocks and mostly heavies. So lots of specific stocks could see momentum if market sustains above 17300.

Stocks to watchout for :

The TEA sector stocks made a good move as was expected and repeated in last few days. Mcleod Russel did 108 , Harrison Malayalam 109 ...
Assam company freezed at 36 frm levels of 27 .... Going beyond tgts of 35 :) ...

Ranbaxy has given a fresh breakout above 500 and can touch 525-535 levels . Traders can buy with a stop of 500.

Moser Baer above 195 , VSNL above 525 look good as breakout trades.

Niit tech can move up quickly if sustains above 156.

Tata Power is a cup and handle on short term charts but not supported by volumes if it sustains above 1460 can tgt 1550 + levels. Tata tea could also see a small run on back of TEA momentum although it doesnt own tea plantations i suppose ...

High risk picks for next 3 mths ( plz do ur own research as speculative call ) :
Cals Ltd , Brushman Inds , Arrow Webtex....


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Article by Nooresh Merani

Nooresh has written 2531 articles.

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