Technical view by Nooresh

Wait and Watch …. Not necessary to trade everyday and Every Move !

Sensex Technical View :

Sensex doesnt stay in the 11200-11400 band and pulls back from those levels leaving late bulls with some wounds. 
A down day after a string of 8-9 up days leads to a consensus of a turnaround and end of the rally. But technically a simple rule of break of lows of last few days consistently can confirm a trend reversal in extreme short term. 
The levels for Sensex in this case would be 10650-10700 and 3300 Nifty till then the better strategy to be wait and watch then to look for fresh trades as weakness could come only below those levels. 
On the upside we need to watch 11400/11650 levels as resistances. 
Stocks to watchout for :
Grasim did cross but pulled back hittin stops still looks good though if stays above 1655. Bongai dint trigger.
NIIT stop hit.Modern Dairies 16 stop. Murudeshwar looks interesting with huge volumes traded can sharply move up. Bil care keep a stop of 295. 
PFC gave a sharp breakout in the day but could not sustain with markets. Can be bought on dips to 142-140 stop of 137 tgt 155. 
Would continue to wait and watch for other trades for now as volatility will increase in coming days. 
TECHNICAL ANALYSIS TRAINING SESSIONS planned for Bangalore , Hyderabad, Mumbai in next few  months. Conducted for a small group of 6-10 people. Interested people mail to so we can schedule for the cities accordingly. 
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Article by Nooresh Merani

Nooresh has written 2532 articles.

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