Technical view by Nooresh

9900 achieved… Partial booking advised.

Sensex Technical View :
In the last few sessions it was clearly mentioned the bias would be positive and continue to remain long with trailing stops for a tgt of 9900/10500. The first zone is reached and is very close to the channel which had resisted the previous upmove so ideally partially booking should be done.

On the daily and extreme short term charts Sensex has been following a close trendline which now comes to around 9500 zone. Till it continues to trade above the slow momentum on upside would remain. On a stop basis 9100-9200 would be a trailing stop for longs. Similar levels for Nifty would be 2905 and 2800.

Only a sustained closing above 10500 would open up an extended bear rally retracing to 11650/12500 also. But its still far-fetched as of now will look into it later.

Stocks to watchout for :
Praj Inds continued the move up can tgt 68-72 or more .

Hindalco has moved up above 55 and can tgt 60 + .

FMCG stocks are firming up on charts but are slow movers though. HUL above 246 and ITC above 176 could give a quick 5-8 % move in near term.

NIIT ltd looks like accumulation on charts. A sustained move above 26 shud tgt 30.

Some stocks which have given a small upmove today and can be followed in coming days are siemens , areva tnd , 3i info , ks oils., financial tech.

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Best Regards,



Article by Nooresh Merani

Nooresh has written 2532 articles.

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