Technical view by Nooresh

9600 holds up … Channel remains intact.

Sensex Technical View :

If we see yesterdays chart and it was mentioned that 9600 is the lower channel line level which if intact the positive momentum continues to remain in place. Low made today was 9633 which is right around the line and then a bounce.

On the upside the channel line comes roughly around 10325-10450 zones which should see resistance ( this coincides tgt earlier 9900/10500 ) . And as before a sustained closing above 10500 for a few sessions would open up an extended rally.

Also in the previous posts i had mentioned the action would remain in specific stocks more.! The observation was very correct as index has moved 10 % frm 9300 but specific stocks 20-30-50 % also.

Stocks to watchout for :

Oil mfg cos have hinted a possible breakout on charts but need to sustain over the next few sessions to confirm a further move. Although the reasons on funda look weak as crude may not stay low for a long time it seems and a possible price cut could dampen the move. So watch is better or trade with stops on either side.

BHEl seems a breakout if sustains 1430 could tgt 1470/1520. stop below 1380

IDFC could see a quick 10 % move above 72.5 if stays.

NTPC is nearing resistance zone of 185-190 where profit booking is advised and maybe a short with stop of 194

Stocks to watchout for quick trades ranbaxy above 225 , Yes Bank above 81 , Sesa Goa 88.5, Zee above 143.

Small bounce backs possible in oversold stocks--- Bhushan Steel , Corp Bank , BEML.

In the weekend would be postin the trades taken through blog , client recommendations with technical reasons if get time to put it up in images or video explanation.

Best Regards,



Article by Nooresh Merani

Nooresh has written 2531 articles.

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