Technical view by Nooresh

Sensex down 5% ,Stocks down 10-30% from highs

Sensex Technical View :

The current technical formation on Sensex and Nifty seems like a rising wedge which is generally seen as a reversal sign after a major run up. A move above 15500 would negate that .
Sensex support is now placed at 14500-14600 which if broken for 2-3 sessions could lead to a deeper correction to the momentum line near 13500/13900.
Continue to maintain cautious move on long trades as stocks have fallen much more from highs then the index. Index may not always give a clear picture as we have seen from an recent post of
Stocks to watchout for :
Reliance , LnT , IVRCL ( shorts advised at 332 to clients ) charts posted below.
Pharma and FMCG stocks are firming up on charts and could be a good place to shift.
The stock has done nothing in the last few years but a move above 355 would lead to a quick 10-15% move.Can buy on dips with a stop of 315.
ITC on dips with a stop of 185 , Dabur with a stop of 109 also look good.
Elder Pharma,Lupin also are firming up.
Some large cap stocks and support levels below which they can get weak on closing basis.
Siemens 465
SAIL 156
Axis 755

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Article by Nooresh Merani

Nooresh has written 2532 articles.

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