Technical view by Nooresh


Can Congress pull it off…..??????

Sensex Technical View :

The earlier pullback and crack pattern has seen a shift and trend reversal could take place only above 141000 which is the trendline resistance of the downchannel as well as the recent top .

The trust vote phenemenon is not a technical one so the extent of the movement on back of it cannot be gauged so the ideal strategy would be to wait and watch. Supports on the lower side are yet again at 12500-12800 in the near term. Expect volatility to be high in the next 2-3 sessions and its better to avoid as the market moves would not be due to funda/tech/economic reasons :)

Stocks to watchout for :

Patel Engg , ind Bull real made the 10 % move up MTNL dint out of the stocks discussed.

Lot of stocks like BHEL , NTPC ,LNT saw good buying or can say short covering or lightening of positions by bears. Charts of many of these counters are near to resistance or breakout but can see a whipsaw if govt doesnt stay .... So better wait and watch and dont stay leveraged.

IT stocks have taken a good beating as was dicussed in May that the upmove was a dollar backed and not business developments and we have seen it fizzle down very first. Can still wait for further declines or stability . Link of previous view.

Some thoughts :

I dont understand politics neither do i have an inclination to do so πŸ˜‰ ... Well i believe loads of investors might be watchin news channels apart frm CNBC πŸ˜‰ it seems for some clues . Well dunno even if Mr Singh knows the no tally . Well all i understand is market would respond positively to Congress staying in power. And after that in coming elections it does not matter whether BJP comes to fore or Congress all markets needs a majority govt !! ... Lets hope these MPs give in to what market wants :) if not then we may see a bad reaction ..


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Article by Nooresh Merani

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