Technical view by Nooresh

15300 Holds up !!! …. Partial buying only .

Sensex Technical View :

People can read the long term view given yesterday and keep it for important levels.
For last few weeks have been stating that Sensex if breaks 16800 and then 16100 it would head to 15300. Many investors and traders would have benefitted by the above advice and as said yesterday deployed partial cash at 15300 . ( Sensex made a day low of 15314 and jumped to 15814 i.e 500 points from the low )

So those who would have deployed cash near to the zone suggested would have seen a jump of 5% in the stocks to buffer them frm volatility at least. Investors can now wait with part cash to either deploy if index declines to 14100-14700 or stock specific value buys or on a turnaround or breakout which if happens would try to discuss in the posts. Have advised partial buying in some stocks to clients today.

Traders would have ideally made good money if created shorts on 16100 breakdown and stocks discussed like DLF , educomp , BOB , Punj Lloyd etc and others gave good short opportunities and covering at 15300 . And those who have longed at support should keep trailing stops to conserve gains.

Stocks to watchout for :

HPCL , BPCL , IOC are trading close to crucial zones in the near term so downside is capped to 5-8 % frm current levels if they are to hold the supports but a small bounce or relief rally could aid the Index. Not a buy call just an observation

Banks like ICICI Bank , UTI , BOI , BOB are trading close to support levels and could give a 5-10 % pop up if inflation doesnt create problems . Would be a contrarian idea to buy on dips if selling comes of inflation nos.

GTL infra at 40-43 , GVK power 41-44 Ispat 26-28 look good for bottom fishing and long term investment only with a provision to buy on further dips for patient investors as Small cap stocks may follow only after large caps bounce so accumulate . Do ur own research before taking positions.

Pasting the messages sent to clients which warned about not exitting trading longs, generating cash as Sensex was headed to 15300 , Also updates on 16700 , 15990 top resistances !!!!

23-May-2008 14:49:37
Keep strict stoplosses and be ready to exit all longs if Sensex closes below 16600. Dont stay leveraged as mkts trading below 16800.

26-May-2008 10:04:00
Stocks which have been exitted on stops no need to re enter as Sensex trading below 16600-16800.

26-May-2008 10:04:00
Stocks which have been exitted on stops no need to re enter as Sensex trading below 16600-16800.

27-May-2008 15:08:36
Sensex short term supports are at 15800 and 15300 if 16200 is broken convincingly. Keep trailing stops in Alstom,Punj lloyd sell calls in newsletter.

28-May-2008 15:02:06
Sensex has bounced back from 16217 near to support . The upmove should face resistance at 16700 zone .

02-Jun-2008 13:49:00
SENSEX if breaks below 16100-16150 and sustains below would lead to 15800-15300. Investors can wait on sidelines . Trading longs be closed on stop hits or 16100.

02-Jun-2008 15:24:44
Sensex has broken the supports and Investors stay on cash. Leverage positions are a strict no on longs. Sensex 15300 is a major support

04-Jun-2008 10:09:20
Sensex bounce resistance at 15990-161250 . Reversal only above 16700. Keep trailing stop at . Continue to wait and watch.
Also some more messages given today !! for subscription details.


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Article by Nooresh Merani

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