Technical view by Nooresh

Bounce tgts 15500 and 16100

Sensex Technical view :
The technical view continues to remain the same to buy on dips in quality stocks and investors those who had done bottom fishing should book partial profits on rise of 15-25 % .

Pastin yest as not much change ...

14650-14700 the previous low which has been our consistent support being mentioned holds up yet again and a quick bounce from the lows seen today. Sensex should now face resistance at the gap of 15526 followed by that we could see the range of 15800-16100. After such a steep fall every pullback would continue to face selling pressure. For investors the strategy remains the same buy on dips and not pullbacks. Traders need to be cautious and quick as lot of 5-15 % intra jumps in stocks would be seen as many oversold stocks should give relief rallies which may not sustain so quick trading needed .

Stocks to watchout for :
Lupin moves up a bit but hit stops and bulk deal takes place at 705 :( ballarpur , Mold tek still look good.

After Ranbaxy deal lot of pharma stocks have seen good buying.... Dr Reddy and Divis labs look good on charts if they sustain 730 and 1550-1580 we could see a further upmove. Glenmark has made a new high and looks set for much more .Even low liquid stocks like Procter n G , Nectar life are seeing buying interest and can move up but difficult to trade them

NIIT ltd if breaks 115 could tgt 130 levels technically.

Reliance Capital if crosses 1165-1180 could tgt 1300 also.

Stocks that have over declined and deserve a bounce back and investors can do their own research before gettin into this as not a technical call. Can choose the best 2 out of the 4 which they like .

Elecon Engg
IOL Netcom
Ansal Infra


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Article by Nooresh Merani

Nooresh has written 2532 articles.

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