Technical Analysis of Indian Equities by Nooresh

Nearing 10800 if sustains could see more…

Sensex Technical View :
Sensex made a good move today and is now close to 10800. Sustaining above 10800 or closing basis could tgt 11200 /11900. On the lower side the recent low remains the support. Technically one needs to watch the 10800-11200 levels which if crossed with volumes/momentum then 11900 comes into reckoning. On the upside there is a gap at 12480 which needs to be filled. Continue to wait and watch the levels and trade accordingly.

Stocks to watchout for :
Pasting yesterdays
Aban Offshore seems to be bottoming around and could see a bounce if crosses 1170 could tgt 1300 after which 1500.

JSW steel seems oversold and could see a bounce back if sustains the recent low of 240 .Above 280 could see 310-350 levels also.

KOTAK Mahindra Bank below 390 could see a drop to 320-350 quickly.... Traders can keep a watch .. Above 500 could be a different thing altogether.

IDFC has bounced back but if closes above 65 can target 75-80 . Although has already moved up 20 % but has scope after such a huge correction.

One of the most oversold sectors is Metals and Steel stocks ---

JSW Steel , Jindal Steel and Power , TISCO, Sterlite Inds could see a good 10-20 % bounce if markets are to bounce above 10800. Traders can keep a watch for quick trades.

Market Observations and Thoughts :

GOLD :
In the last update we had was if it goes below 815-820 it could see 780 levels and it has come close to that. Technically 920 + was a resistance similarly important supports are at 725-690 zone on downside. If breaks below 770 and stays could expect lower levels... Out of a sudden all the gold bulls who spoke of 1000-1100 seem to have ran away . But it seems the rally was more due to the hedge created or quick money running for gold as a currency or economic hedge but not coz of demand of GOLD... So now can it go the commodity ways like other metals ??? is the question ...

CRUDE :
As said before no need to update as may not impact equities anymore... Technically 65-70 is a good support zone where it should stabilize and below which the next support is 50 which is a tooo far-fetched.

Dow Jones :
Dow Jones technically seems to be trying to find a base around 8k zone. Supports for long term on downside is 7300-7500 which should not broken watever comes otherwise it could have implications beyond a recession as supports are way way lower technically . Also the consolidation around 7800 bottom zone if lasts for some more weeks then the markets can get into a range of 8k-9800.

Best Regards,

Nooresh

09819225396

noorrock2002@gmail.com meraninooresh@yahoo.com





Article by Nooresh Merani

Nooresh has written 2596 articles.

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