Technical view by Nooresh

Resistance at 15500 and 16100.

Sensex technical View :

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 :
Lot of the stocks have bounced back from the lows as expected and ppl who initiated buying at 15300/14700 would have noticed particular stocks might have bounced more then the index.

IDFC posted at 115-118 does 132
Bank of Baroda makes a low near 215 and bounces to 236 +.
Bombay Dyeing up to 745 nearly 10 % .
ONGC has been stable.

Trading picks :

Ballarpur has given a breakout and can be bought with a stop of 34.5 tgt 40 . ( Disclosure recommended to clients at 35-36 today )

Lupin if sustains 734 buy with a stop of 718 tgt 755 .

Mold tek looks good for 100 levels investors can hold on .

RPL and Essar Oil day traders can buy for 2-4 % morning moves.

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Article by Nooresh Merani

Nooresh has written 2532 articles.

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