Technical view by Nooresh

Inflation 12.1 , crude 100 but dollar at 45 + …

Sensex Technical View :
Detailed view given in the post below with chart.

Market observations and thoughts: ( Few lines would be there in this section now onwards which is not a recommendation but a view which is speculative , take your own call )

Emerging Equities saw lot of upmove after crude broke below 130 levels but now even after crude being close to 100 there is no major move but seeing lower driftin in equities. Reasons supposedly acc to market-men -- Crude is falling coz of worries on economy and not on supply !! So actually this implies concern then rejoicing for equities. Also dollar has crossed 45 + so inflationary concerns would remain as Crude is bought in dollars !!! ...
The simple view is Crude bubble is busted and could remain weak and touch 80 ! also . And commodities will soon get out of the limelight which may later spark a shift to equities.

Inflation has come at 12.1 % but still we cannot term it to be peaking out but signs are getting imminent that it may not stay at 13 + % for long. The only major pull of in inflation could be rupee strengthening which may not happen soon!!! ...But one thing is simpler to assume the peak in inflation is not far maybe 1-2 mths.

Stocks to watchout for :

High risk traders can buy TAta steel closer to 520 with a stop of 500 for a bounce to 550-570.

Reliance Inds and RPL is seeing lot of selling and looking weak technically but important supports are around 1920 and 148 which need to be watched carefully. Wait n watch.

Jagran Prakashan is a stock which is seeing good buying interest around 70 zones. Investors can do their research and buy with medium term view.


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Article by Nooresh Merani

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