Technical Analysis of Indian Equities by Nooresh

SEE-SAW . Wait , Watch and React on sustained closing.

Sensex Technical View :
Sensex could not breakout above the 10750 level and has broken below 10100-9900 zone which implies a test of 9600 support which if broken it could very well head to 9300/8900 levels on lower side.

So yet again the view remains to wait and watch till Sensex doesnot break out of this range. Till then it could remain in a broad range of 9300/8900 as lower zone and 10750 on upside. Technically as the indices are volatile in a small range its better to wait for 2-3 sessions closing to see direction instead of taking quick conclusions.

Stocks to watchout for :

Glenmark did the tgt of 350 , Deccan , century hit trailing stops.

Had listed a few stocks which should be watched for trades if markets are able to sustain higher levels. But none of the stocks neither markets could move above breakout levels ( ge shipping hit stop ) . MIDCAP fno stocks also would be applicable only later on breakabove.

So again we are in a situation that if the lower zone of 9600 or equivalent lows break can give short selling trades. Listing a few stocks again.

ABB .... will be weak below 475 can tgt 455-440 levels.

Kotak Mahindra Bank below 394 can touch 360 or lower.

HDFC below 1630 , RPL below 79 could be other stocks to watch.

Keep a stop of 3-4 % from entry price and buy only if it sustains below alongwith the market trend.

Best Regards,



Article by Nooresh Merani

Nooresh has written 2740 articles.

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