Technical view by Nooresh

9300-9500 can it be broken on closing basis…..

Sensex Technical View :
Sensex has been sustaining above the lower end of the flag which comes to 8300-8500 zone. On the upside the flag level comes to 9300-9500 for this week. Ideally we should see Sensex making an attempt to that range in this week itself. Check the chart here --- .

The positive bias remains and a quicker pullback would give more momentum to the current counter move. Some days back had clearly stated that 8900 downside tgt done and markets could go down till 8300-8500 on the lower side. Sensex made a low of 8316 which was very close to the expected zone... CHECK CHART HERE . Also if one is buying it should be done closer to the lower end of the channel /flag only or wait for a breakout above the flag which comes to around 9300-9500 .

Crossover and sustaining above the flag would lead to a target of 9900/ 10500. The volatility would remain high as there are lot of overhead resistances.

For Sms updates.

Stocks to watchout for :

Deccan Chronicle Holdings has been seeing lot of insider trades of late and sustaining above the recent lows too. Technically sustaining 48 could again touch 55 stop would be 44.

GTL infra ... One of the rare stocks which has remained silent or not taken much crack in last 3-4 mths. 40-40.5 remains a resistance level above which it can tgt 47-50 levels.

HPCL , IOC , BPCL all Omcs have given a sharp bounce and nearing resistance zones which would be very difficult to cross.
HPCL 255-259 , IOC 418-423 .
Trades could be short closer to resistance with small stop or go long if sustains above those levels for quick trade.

NALCO a consolidation phase is on it looks like in the range of 140-190 . Closing above 193 would target 205-225.

Some stocks trading close to the Oct bottoms but have not broken and can see a bounce if doesnt break lows. If they do then expect a quick crack too. Go stock specific. Pick a trade as per your stock specific view.

Praj Inds 49. Aditya Birla Nuvo 420.
Punj lloyd 139.
Unitech 27 .
GMR Infra 45.

Best Regards,



Article by Nooresh Merani

Nooresh has written 2531 articles.

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