Technical view by Nooresh

Inverted Hns , Bullish Flag Cup and Handle etc etc … No confirmation :) yet

Before we get into technicals would like people to read this article which was posted last week about the possible options which people would start talking about ....
Inverted HnS , Bullish Flag and Cup and Handle ( new ) on Sensex...
Yet no confirmatory moves but wishful thinking continues :) .... Let markets show u the way.

Sensex Technical View :
The upmove remains but will be convincing only if it breaks above 15600. On the short term supports are placed at 14750/14300.
Ideally the index may range from 14300-15600 for now with stock specific moves in the broader market ( midcaps ) becoming prominent as well as it could be very selective.
Stocks to watchout for :
NTPC , Welspun continue to look good for short term upmoves till they hold above 200. PFC 213 stop and pivot.
Renuka gave a good entry point on 38% retracement to sub 120 levels ( could only advise small qty to clients ) and is now back close to highs. Multiple tops and resistance around 150. If the stock crosses above 150-154 with volumes could move up another 10-15% quickly.
United Phosphorous is shaping well on charts buy on declines with a stop of 148 with a target price of 180-190 over next few weeks.
EMAMI, HENKEL are the next FMCG stocks which are seeing buying volumes. The defensive picks seem to be on a roll. Investors can look towards the above after booking small gains in Godrej Consumers.
Short term trades :
Stop of 3-4% on trigger target of 7-12% in near term.
Rolta buy above 143 ,
RCOM above 285,
Mcdowells above 980 ,
GE Shipping above 260
The sector has been under-pressure since a long time but could possibly be on a turnaround with better performance by Hero Honda,Maruti and auto cos. Raw material costs are down whereas inventories of higher cost are out of the system. So there is a good possibility that some stocks could turnout to be good investments in medium term.
Technical Picks : Munjal Auto , Clutch Auto , Bharat Forge, Auto Axles , Yuken and many more. So do your studying !
just a personal view which can be naive and short-sighted .
Best Regards,


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Article by Nooresh Merani

Nooresh has written 2532 articles.

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