Technical view by Nooresh

Crude Spikes ! … Dow Trips …. Sensex ?

Sensex technical View :
Sensex bounced back 500-700 odd points from the lower end of the around 13700. The trendline and short term resistances are at 14700-15100 . Any dip before touching the higher levels could test 13500-13800 levels again.

According to the global cues markets could test closer to recent lows 13730. Long traders can keep a stop close to 13700 . Investors can continue to buy on such dips only in staggered manner so there are provisions to add at lower levels too as finding a bottom is not possible and all stocks may not bottom out with the index some may do earlier some later .!

As discussed in the presentation that the correction could last till Sept which is 8 mths or 5 mths which is June so if a low is to be made in June should be in the range of 13500-13800 and if the phase of economic data peaking continues till Sept we could see 12500-12800 also which is a possibility in case of Economic/political / or other reasons which are still not into reckoning or extent is not understood.

Technically its more of a time wise correction phase and investors who exitted at higher levels or fresh investors should look in the given zones to invest for long term and be patient ! as markets would give enough opportunities in coming weeks to buy good stocks at gr8 values.

Dow Jones :

Dow Jones has broken below its low after all emerging economies like India and China have done. The next important support is around the 11400-11500 range which if broken next important support is at 10800.

Crude has triggered a fresh move after a good closing above 139 but crude always tends to pull down after a quick high and short squeeze so could see selling around 146 mark technically. This is a tech view and i dont track the commodity closely so just a view not thoroughly analyzed.

Stocks to watchout for :
Continue to accumulate the stocks discussed before idfc , rpl etc.... Check previous posts for details

Check --- for presentation link and details .

Best Regards ,



Article by Nooresh Merani

Nooresh has written 2531 articles.

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